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UPDATE 1-Marathon Oil quarterly profit lower, output tops forecast
May 7, 2013 / 10:42 PM / 5 years ago

UPDATE 1-Marathon Oil quarterly profit lower, output tops forecast

May 7 (Reuters) - Marathon Oil Corp said on Tuesday its quarterly profit fell from a year earlier, as lower prices for crude oil weighed and the company wrote down the value of some oil and gas properties.

Houston based Marathon reported a profit of $383 million, or 54 cents per share, compared with $417 million, or 59 cents per share in the same quarter a year earlier.

Marathon said a first-quarter charge related to the value of some of its oil and gas leases in the Eagle Ford formation in south Texas reduced earnings by $218 million, after-tax.

Marathon had an adjusted profit of 51 cents per share. Analysts on average had expected a profit of 72 cents per share, according to Thomson Reuters I/B/E/S.

Oil and gas for sale excluding Libya averaged 427,000 barrels oil equivalent (boe) per day, at the top end of the company’s estimate for production of 415,000 to 430,000 boe per day.

Marathon shares fell to $33.75 in post-market trade from a New York Stock Exchange close of $34.33.

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