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Tuesday, May 3, 2011

News Marathon Oil 1Q profit rises on oil prices

News Marathon Oil 1Q profit rises on oil prices : Marathon Oil Corp. said Tuesday that first-quarter profit doubled on higher oil prices, increased volumes and better refining margins. Net income rose to $996 million, or $1.39 per share, compared with $457 million, or 64 cents per share, a year earlier. Without a loss for early extinguishment of debt, the company said it would have earned $1.65 per share.

Revenue climbed to $21.07 billion from $16.67 billion. Analysts surveyed by FactSet expected adjusted earnings of $1.36 per share on $20.13 billion in revenue.

The company's exploration and production segment increased income 33 percent, to $668 million, mostly because of higher oil prices. Sales volumes increased 11 percent.

Production remains suspended in Libya because of the political upheaval there. Most of the company's oil and natural gas production comes from outside the United States, although Marathon recently drilled its first well in the Texas Eagle Ford shale formation and plans to increase production in North Dakota's Bakken fields.Read More...

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