Marathon Oil Corporation (NYSE:MRO) reported positive figures for its fourth quarter in its latest report.
The company said that its production in the quarter rose 12% compared to the year-ago quarter to 383,000 barrels of oil equivalent per day (boe/d). For the period, the oil producer announced a loss of $28 million, which is considerably lower than its year-ago loss of $1.4 billion.
Marathon Oil would have posted a profit if it wasn’t for a one-time tax payment of $108 million that the Houston-based company is appealing in the United Kingdom. The company posted quarterly revenue of $1.38 billion for the period, marking a 23% increase compared to the year-ago quarter.
The energy explorer is hoping to return to profitability during its fiscal 2018 as the company is focusing on its U.S. shale plays such as the Texas’ Eagle Ford shale and Permian Basin. For the year, Marathon Oil plans a capital budget of $2.3 billion and expects to pump between 390,000 to 410,000 boe/d, a 12% year-over-year increase at the midpoint..
For its first quarter, the company projects its U.S. production to average 265,000 to 275,000 boe/d, while its international output excluding Libya is slated to be in the range of 105,000 to 115,000 net boe/d.
“Last year we reached key milestones in our portfolio transformation, further strengthened our balance sheet, drove costs even lower and delivered production near the top of our production guidance, all while maintaining cash flow neutrality,” said Marathon Oil CEO Lee Tillman.
MRO stock gained nearly 0.5% after the bell Wednesday.