Categories AlphaGraphs, Earnings, Other Industries

Marathon Oil’s Q2 results beat expectations

Marathon Oil Corporation (NYSE: MRO) surpassed analysts’ expectations for revenue and earnings in the second quarter of 2019, allowing shares to gain 5.1% in aftermarket hours on Wednesday.

Total revenue inched up 1% to $1.43 billion from the same period last year, beating consensus estimates of $1.41 billion.

Marathon Oil topped market expectations for Q2 2019 earnings results

On a GAAP basis, net income was $161 million, or $0.20 per share, compared to $96 million, or $0.11 per share, in the year-ago quarter. Adjusted net income totaled $189 million, or $0.23 per share, topping forecasts of $0.15 per share.   

US production averaged 332,000 net barrels of oil equivalent per day (boed), including 192,000 net barrels of oil per day (bopd), both above the top end of the company’s guidance ranges. On a divestiture-adjusted basis, oil production was up 17% year-over-year. US unit production costs decreased 14% to $4.89 per barrel of oil equivalent (boe). International production averaged 103,000 net boed for the quarter.

During the second quarter, Marathon closed on the sale of its 15% participating interest in the Atrush Block in Kurdistan, marking a complete country exit. On July 1, the company closed on the sale of its UK business.

Development capital expenditures totaled $636 million in the second quarter. The development capital budget for 2019 is $2.4 billion.

For the third quarter of 2019, Marathon forecasts total US oil production of 190,000 to 200,000 net bopd. International oil production guidance is 12,000 to 16,000 net bopd, reflecting both the UK and Kurdistan asset divestitures. The annual divestiture-adjusted oil production growth guidance is 10% for total company and 12% for US.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

ADBE Earnings: Adobe reports higher Q2 earnings; results beat estimates

Design software maker Adobe Inc. (NASDAQ: ADBE) on Thursday reported an increase in second-quarter 2024 revenue and earnings. The results also topped expectations. Second-quarter revenues came in at $5.31 billion,

Dollar Tree (DLTR): A look at the discount retailer’s growth initiatives at its namesake banner

Shares of Dollar Tree, Inc. (NASDAQ: DLTR) were down over 1% on Thursday. The stock has dropped 24% year-to-date. The company delivered sales and GAAP earnings growth for the first

Key highlights from Signet Jewelers’ (SIG) Q1 2025 earnings results

Signet Jewelers Limited (NYSE: SIG) reported first quarter 2025 earnings results today. Sales decreased 9.4% year-over-year to $1.5 billion. Sales were down 9.6% on a constant currency basis. Same-store sales

Tags

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