Marathon Oil profit falls 41 percent on higher exploration costs

Wed Feb 6, 2013 7:43am EST

Feb 6 (Reuters) - Marathon Oil Corp reported a 41 percent fall in net income as exploration costs in the United States shot up.

Total exploration costs doubled to $238 million in the fourth quarter.

The Houston-based oil and gas company's profit fell to $322 million, or 45 cents per share, from $549 million, or 78 cents per share, a year earlier.

Marathon, which has invested heavily in oil formations like the Eagle Ford in south Texas, said revenue and other income rose 11 percent to $4.2 billion.