Marathon Oil Earnings Cheat Sheet: Profits Up
S&P 500 (NYSE:SPY) component Marathon Oil Corporation (NYSE:MRO) reported a profit boost in the second quarter. Marathon Oil Corporation is an oil (NYSE:USO) and natural gas (NYSE:UNG) exploration and production company with operations in the North America, Africa and Europe.
Marathon Oil Earnings Cheat Sheet for the Second Quarter
Results: Net income for Marathon Oil Corporation rose to $996 million ($1.39 per share) vs. $709 million ($1 per share) in the same quarter a year earlier. This marks a rise of 40.5% from the year earlier quarter.
Revenue: Rose 31.8% to $3.87 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: MRO reported adjusted net income of 96 cents per share. By that measure, the company fell short of mean estimate of 99 cents per share.
Quoting Management: “In the second quarter we successfully completed the spin-off of our downstream business and announced the pending $3.5 billion acquisition of assets in the Eagle Ford shale in Texas,” said Clarence P. Cazalot Jr., Marathon Oil`s chairman, president and CEO. “Our second quarter financial results, while solid, were negatively impacted by unplanned downtime at key international operations which held our second quarter production to the lower end of guidance. These operations are all back operating at or above expected capacity.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose more than twofold and in the fourth quarter of the last fiscal year, the figure rose 98.9%.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 23 cents, and in the fourth quarter of the last fiscal year, it was ahead by 13 cents.
Competitors to Watch: Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), Hess Corp. (NYSE:HES), Exxon Mobil Corporation (NYSE:XOM), BP plc (NYSE:BP), TOTAL S.A. (NYSE:TOT), Statoil ASA (NYSE:STO) and Murphy Oil Corporation (NYSE:MUR).
(Source: Xignite Financials)