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Marathon Oil swings to loss in Q3

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Marathon Oil swings to loss in Q3

Marathon Oil Corp. said its normalized net income for the third quarter came to a loss of 95 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 39 cents per share.

The per-share result swung to a loss from the prior-year profit of 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $645.0 million, compared with income of $285.0 million in the year-earlier period.

The normalized profit margin declined to negative 46.2% from 9.9% in the year-earlier period.

Total revenue decreased 51.6% year over year to $1.40 billion from $2.88 billion, and total operating expenses declined year over year to $2.39 billion from $2.46 billion.

Reported net income totaled a loss of $751.5 million, or a loss of $1.11 per share, compared with income of $305.1 million, or 45 cents per share, in the prior-year period.