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 In light of the substantial change to global commodity prices and the macro environment, the company has withdrawn previously provided guidance.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

CrowdStrike: Why this cybersecurity stock is a good investment for 2023

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) has steadily expanded its subscriber base over the years, riding the ever-growing demand for cybersecurity solutions. As digital adoption continues -- which accelerated after the

CRM Results: Salesforce Q3 earnings beat; revenues rise 14%

Customer relationship management platform Salesforce, Inc. (NYSE: CRM) on Wednesday reported an increase in third-quarter adjusted earnings, aided by double-digit growth in revenues. The numbers surpassed analysts' predictions. Third-quarter profit,

Hormel Foods (HRL) provides downbeat outlook as it expects volatile and high-cost environment in FY2023

Shares of Hormel Foods Corporation (NYSE: HRL) were down over 4% on Wednesday after the company delivered mixed results for the fourth quarter of 2022 and provided a bleak outlook

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