• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours U.S. Presidential Elections Status - Electoral Votes
  • 19 hours Evergrande is going Belly Up.
  • 9 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 4 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 4 days World’s Biggest Battery In California Overheats, Shuts Down
  • 3 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 13 hours Forecasts for Natural Gas
  • 3 days Ten Years of Plunging Solar Prices
  • 3 days Extraction of gasoline from crude oil.

Marathon Posts $407M Loss, Sees Oil Production Decline

Marathon Oil Corp on Wednesday reported a loss of almost $407 million over the first quarter, representing the first time since 2002 that the company’s quarterly revenue has fallen below the $1-billion threshold.

The losses are mounting for Marathon. In fact, this quarterly loss is the sixth in a row it has reported since oil prices began to slide in mid-2014.

The company said its revenues fell to $730 million from $1.5 in the same period last year, missing analysts’ projections, and reaching down to $903.3 million for the first quarter.

Related: 500,000 Barrels And $1 Billion In Losses: The True Cost Of Canada’s Wildfire

In total, Marathon reported a loss of $407 million, or 56 cents a share, compared with a loss of $276 million, or 41 cents a share, a year earlier. Excluding a pension settlement and other items, the loss from continuing operations was 43 cents a share, compared with a year-ago loss of 37 cents a share. Analysts surveyed by Thomson Reuters had projected a loss of 46 cents a share.

As the figures were about to be released, the company’s shares were sliding by 5.04 percent to $12.15 in mid-day trading on Wednesday.

Related: Shell’s Profits Plunge 83%

In order to sustain its financial position, the company had had to cut production, spending and sold more than $1 billion in stock. Marathon is also selling what it deems non-core assets as it seeks to focus on "lower risk, higher return U.S. resource plays."

As a consequence, exploration expenses dropped to $24 million from $90 million a year earlier, while total costs declined 30 percent to $1.33 billion. Sales volume fell 14 percent, while net production available for sale also fell 14 percent.

Marathon ended the quarter with about $5.4 billion in liquidity, including $2.1 billion in cash and $3.3 billion in available credit.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News