Categories AlphaGraphs, Earnings, Energy

Marathon Oil (MRO) posts wider-than-expected loss in Q1

Marathon Oil Corporation (NYSE: MRO) slipped to a loss in the first quarter of 2020 from a profit last year, due to higher costs and expenses. The bottom line was wider than the analysts’ expectations while the top line exceeded consensus estimates.

Marathon Oil (MRO) Q1 2020 earnings

The US production averaged 340,000 net barrels of oil equivalent per day (boed) for the first quarter of 2020. The company has suspended Q2 completion activity in Eagle Ford and Bakken while suspending all drilling activity in Oklahoma and Northern Delaware. In light of the substantial change to global commodity prices and the macro environment, the company has withdrawn previously provided guidance.

At the revised capital spending budget of $1.3 billion or less, for full-year 2020, the company now expects its underlying US crude oil production to decline by about 8% on a divestiture-adjusted basis, with a similar percentage decline expected for boe production. Underlying International oil production is expected to decline by about 7% on a divestiture-adjusted basis, with a similar percentage decline expected for boe production.

Marathon Oil now expects that Q2 US crude oil and boe production to be down sequentially due to curtailments along with natural decline from reduced activity. Consistent with a focus to continually reduce its cost structure, Marathon Oil expects to capture annualized cash cost reductions of about $350 million relative to its initial 2020 budget.

Past Performance

Most Popular

CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%

Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss

Key metrics from Nike’s (NKE) Q2 2025 earnings results

NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net

FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips

Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top