by Christopher Freeburn | August 1, 2012 12:52 pm
Marathon Oil (NYSE:MRO) announced on Wednesday that it earned $393 million during the second-quarter, down from $996 million — inflated by a one-time $698 million gain from the sale of certain operations — in the same period last year.
The oil company’s revenues dipped 2.1% during the quarter to $3.78 billion.
Adjusted EPS was 59 cents, which was in line with Wall Street forecasts, Bloomberg noted.
Shares of Marathon Oil slipped about 1% in Wednesday afternoon trading.
Company officials reported that sales increased 20.8% during the quarter.
Prices for oil fell 6.8% to an average of $97.81 per barrel during the period between April and June, while natural gas prices dropped 15.9% to an average of $2.70 per 1,000 cubic feet.
Yesterday, British oil and gas giant BP (NYSE:BP) reported a $1.4 billion quarterly loss, largely due to one-time charges of $4.8 billion, and shrinking revenue.
Last week, Chevron (NYSE:CVX) reported lower second-quarter earnings and profits, while Exxon Mobil (NYSE:XOM) posted record quarterly profits, but declining revenue.
Source URL: http://investorplace.com/2012/08/marathon-oil-q2-profits-meet-forecasts/
Short URL: http://invstplc.com/1fzqZdb
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.