Aug 1 Marathon Oil Corp said its
quarterly profit fell, hurt by a drop in crude oil and natural
gas liquids prices.
Worries about a slowdown in the global economy and easing
tensions in the Middle East pressured crude oil prices last
quarter, while vast supplies of natural gas liquids have
pressured those prices.
The Houston oil and gas company on Wednesday reported a
profit of $393 million, or 56 cents per share, compared with
$996 million, or $1.39 per share, a year earlier.
Excluding items, Marathon had a profit of 59 cents per
share, exactly matching Wall Street analysts' expectations,
according to Thomson Reuters I/B/E/S.
Oil and gas output in the quarter was 363,000 barrels of oil
equivalent per day, up from 341,000 a year ago.
Shares of Marathon rose 1.6 percent to $26.91 in early New
York Stock Exchange trading.