Nov 6 Marathon Oil Corp on Tuesday
reported an 11 percent increase in quarterly profit as oil and
gas production rose more than expected.
Shares of Marathon rose nearly 3 percent in afternoon New
York Stock Exchange trading.
The company reported better-than-expected oil and gas
production in the Eagle Ford formation in south Texas and the
Bakken shale in North Dakota, according to analysts at Houston
based energy investment bank Simmons & Co.
Profit in the third quarter was $450 million, or 63 cents
per share, compared with $405 million, or 57 cents per share, in
the same quarter a year earlier.
Excluding one-time items, profit was 64 cents per share,
matching analysts' average estimate, according to Thomson
Marathon's total production available for sale, excluding
Libya, was 438,000 barrels oil equivalent (boe) per day during
the quarter, up from 386,000 a year earlier.
Marathon said in late October it was in talks to sell a
portion of its stake in the Athabasca Oil Sands Project in
Canada. That expected sale and others are part of the Houston
company's plan to shed less profitable assets while investing in
drilling for oil in areas like the Eagle Ford.
Marathon has spent heavily to add acreage in that formation,
where it has met with success producing growing amounts of crude
oil. For next year, Marathon expects to produce 85,000 boe per
day in the Eagle Ford, up 20 percent from this year, Dave
Roberts, Marathon's head of exploration told analysts on a
Shares of rose 94 cents to $31.45 in late New York Stock