Marathon Oil: 2Q Earnings Snapshot
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported second-quarter profit of $161 million.
The Houston-based company said it had net income of 20 cents per share. Earnings, adjusted for non-recurring costs, were 23 cents per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The energy company posted revenue of $1.43 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.36 billion.
Marathon Oil shares have decreased 16% since the beginning of the year, while the Standard & Poor’s 500 index has increased 15%. In the final minutes of trading on Wednesday, shares hit $12.05, a decrease of 42% in the last 12 months.