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Marathon Oil quarterly profit up 26 percent, tops Street
November 4, 2013 / 9:22 PM / 4 years ago

Marathon Oil quarterly profit up 26 percent, tops Street

(Reuters) - Marathon Oil Corp (MRO.N) said on Monday its third-quarter profit rose by a better-than-expected 26 percent, helped by a jump in oil and gas production.

Marathon reported net income of $569 million, or 80 cents per diluted share, compared with $450 million, or 63 cents per share, in the same period a year earlier.

Adjusting for one-time items, Marathon posted a profit of 87 cents per share. Analysts on average had expected a profit of 77 cents per share, according to Thomson Reuters I/B/E/S.

Total oil and gas sales volumes, excluding Libya, averaged 459,000 barrels of oil equivalent per day (boe/d) in the quarter, up from 438,000 boe/d for the third quarter of 2012.

Marathon Chief Executive Officer Lee Tillman said output in the Eagle Ford formation in South Texas have “returned to a more robust growth profile,” putting the company on track to exit the year producing about 100,000 boe/d.

In the last seven days of October, Eagle Ford output hit 92,000 boe/d, the company said.

Shares of Houston-based Marathon rose more than 1 percent after the close of regular trading on the New York Stock Exchange.

Reporting by Ernest Scheyder, editing by G Crosse

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