Marathon Oil Raises Annual Production Forecast



Reuters

(Reuters) Aug 1 - Marathon Oil Corp raised its annual production forecast on Wednesday, after a surge in U.S quarterly output helped the oil producer top its own estimates.

The Houston-based company bumped up its annual total production forecast to between 400,000 and 415,000 net barrels of oil equivalent per day (boepd) from an earlier range of 390,000 to 410,000 net boepd.

The company produced 298,000 boepd in the second quarter ended June 30, compared with its May forecast of between 280,000 and 290,000 boepd.

Marathon Oil reported net income of $96 million, or 11 cents per share, in the quarter, compared with a net loss of $139 million, or 16 cents per share, a year earlier.

Total production rose to 419,000 boepd from 349,000 boepd.

(Reporting by Karan Nagarkatti in Bengaluru; Editing by Sriraj Kalluvila)



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