Marathon Oil Reports Boost in 2Q 2013 Revenue on Higher Production
Houston-based Marathon Oil Corporation realized an increase of 8.4 percent in net income during the second quarter of 2013, the company reported in a press release on Tuesday.
Net income for the second quarter was reported at $426 million, compared with net income in the first quarter of $383 million. Adjusted net income in 2Q was $478 million, compared with an adjusted net income of $361 million.
The jump in revenue was attributed to increased oil production, which climbed substantially during the quarter on shale activity in the Bakken and Eagle Ford formations, Clarence P. Cazalot, Jr., Marathon Oil’s executive chairman and former president and CEO, said in a statement.
“Second-quarter production available for sale in both E&P segments was at or above the Company’s guidance. In the U.S., Lower 48 onshore production grew to 182,000 barrels of oil equivalent per day, a nearly 6 percent increase over the first quarter, highlighted by 11 percent growth in the Company’s Eagle Ford operations and more than 5 percent growth in the Bakken,” Cazalot said.
Marathon Oil earnings were down 18 percent sequentially on downtime and lower oil prices, analysts at Oppenheimer observed.
Higher U.S. liquids and a rebound in gas prices “were offset by asset sales, planned and uplanned downtime in International E&P and oil sands, and higher corporate charges,” the analysts added.
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