Marathon Oil Backs Output Guidance as 2Q Profit Grows
By Victor Swezey
Marathon Oil said its quarterly profit grew by more than a fifth and backed its production guidance for the year.
The Houston company, which ConocoPhillips in May agreed to buy in an all-stock deal then worth $17.1 billion, Wednesday posted second-quarter net income of $349 million, or 62 cents a share. This was up from $287 million, or 47 cents a share a year earlier. Stripping out one-time items, earnings per share came in at 63 cents. Analysts polled by FactSet predicted adjusted earnings of 69 cents per share.
Revenue grew to $1.71 billion from $1.51 billion, beating analyst expectations of $1.69 billion.
The company backed its forecast for full-year oil production of 185,000 to 195,000 barrels of oil a day, and 380,000 to 400,000 barrels of oil equivalent a day of natural gas and other products. It also stuck by its guidance for capital spending.
Write to Victor Swezey at victor.swezey@wsj.com; @vicswezey
(END) Dow Jones Newswires
August 07, 2024 17:49 ET (21:49 GMT)
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