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Marathon Oil Q2 adjusted net income climbs, tops estimates

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Marathon Oil Q2 adjusted net income climbs, tops estimates

Marathon Oil Corp. on Aug. 7 reported $189.0 million, or 23 cents per share, in adjusted net income for the second quarter, compared to $126.0 million, or 15 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 14 cents per share.

Net income totaled $161.0 million, compared to $96.0 million in the prior-year period. Marathon recorded revenue of $1.43 billion in the second quarter, compared to $1.42 billion a year earlier.

Marathon said production came to 435,000 barrels of oil equivalent per day in the second quarter, compared to 419,000 boe/d in the prior-year period.

The company added that its board of directors had authorized an increase in the remaining share repurchase authorization to a total of $1.5 billion, an authorization increase of $950 million.

Marathon focuses on the Eagle Ford Shale in Texas, Permian Basin in New Mexico, STACK and SCOOP plays in Oklahoma, and Bakken Shale in North Dakota.