Marathon Oil: 4Q Earnings Snapshot
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported fourth-quarter net income of $390 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of 47 cents. Earnings, adjusted for non-recurring gains, came to 15 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The energy company posted revenue of $1.77 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.44 billion.
For the year, the company reported net income of $1.1 billion, or $1.30 per share, swinging to a profit in the period. Revenue was reported as $6.58 billion.
Marathon Oil shares have climbed slightly more than 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 10 percent. In the final minutes of trading on Wednesday, shares hit $15.55, a decrease of 3 percent in the last 12 months.