Marathon Oil: 2Q Earnings Snapshot
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported second-quarter net income of $96 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had profit of 11 cents. Earnings, adjusted for non-recurring costs, came to 15 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The energy company posted revenue of $1.42 billion in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $1.5 billion.
Marathon Oil shares have risen 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. In the final minutes of trading on Wednesday, shares hit $20.32, a climb of 71 percent in the last 12 months.