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 In light of the substantial change to global commodity prices and the macro environment, the company has withdrawn previously provided guidance.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

Also Read:  Haynes International Inc (HAYN) Q4 2020 Earnings Call Transcript

Most Popular

Walt Disney (DIS): After a tough FY20, the pandemic is likely to take a toll on operations next year too

The Walt Disney Company (NYSE: DIS) had a tough time in fiscal year 2020 with the COVID-19 pandemic bringing its operations to a standstill like never before. The company incurred

Earnings reports to watch for the week of Nov. 30

The recent optimism about economic recovery waned slightly this week after jobless claims increased more-than-expected to about 778,000 amid concerns over a resurgence in coronavirus cases. With the healthcare system

Yunji Inc. (YJ) Q3 2020 Earnings Call Transcript

Yunji Inc. (NASDAQ: YJ) Q3 2020 earnings call dated Nov. 26, 2020 Corporate Participants: Kaye Liu -- Investor Relations Director Shanglue Xiao -- Chairman of the Board of Directors and Chief Executive Officer Chen