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Marathon Oil: Q2 Profits Meet Forecasts

The company's revenues declined on lower oil and gas prices


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.

11 Oil and Gas Stocks to Buy Now
11 Oil and Gas Stocks to Buy Now

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.

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