• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 15 hours The EU Loses The Principles On Which It Was Built
  • 7 hours Starvation, horror in Venezuela
  • 11 hours Why hydrogen economics does not work
  • 8 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 8 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 49 mins Mike Shellman's musings on "Cartoon of the Week"
  • 21 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 42 mins Saudi Fund Wants to Take Tesla Private?
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Crude Price going to $62.50
  • 3 hours California Solar Mandate Based on False Facts
  • 20 hours Saudi Arabia Cuts Diplomatic Ties with Canada
  • 3 hours Oil prices---Tug of War: Sanctions vs. Trade War
Are The Saudis Involved In The Tesla Buyout Plan?

Are The Saudis Involved In The Tesla Buyout Plan?

Saudi Arabia’s Public Investment Fund…

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Marathon Posts $407M Loss, Sees Oil Production Decline

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

Oilprice - The No. 1 Source for Oil & Energy News