Marathon Oil: 3Q Earnings Snapshot
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported third-quarter net income of $254 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 30 cents. Earnings, adjusted for non-recurring gains, came to 24 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The energy company posted revenue of $1.67 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.5 billion.
Marathon Oil shares have risen 9 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 $18.49, a climb of 14 percent in the last 12 months.