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Marathon Oil posts smaller loss on higher prices, cost cuts

FILE PHOTO: A Marathon Oil well site is seen in Texas, U.S., May 18, 2020. REUTERS/Jennifer Hiller

(Reuters) - U.S. shale producer Marathon Oil Corp on Monday posted a smaller fourth-quarter loss compared with the third, helped by cost cuts and a recovery in commodity prices from pandemic lows on vaccine hopes.

Marathon, which postponed its earnings last week due to the harsh winter weather in Texas, said its adjusted loss was $98 million, or 12 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $219 million, or 28 cents per share, in the third quarter.

Reporting by Shariq Khan and Arathy S Nair in Bengaluru; Editing by Shailesh Kuber

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