Marathon Oil’s Net Profit Increased by Almost 20% in the Second Quarter
In the second quarter of 2024, the American oil company Marathon Oil increased its net profit and revenue, and also confirmed the annual production forecast.
In April–June, the company‘s net income increased to $349 million, or 62 cents per share, from $287 million, or 47 cents per share, a year earlier.
Adjusted earnings were 63 cents per share. Analysts surveyed by FactSet had expected this figure at 69 cents per paper.
Revenue increased to $1.71 billion from $1.51 billion a year earlier, exceeding analysts‘ forecasts of $1.69 billion.
The company still expects that oil production in 2024 will amount to 185-195 thousand barrels per day, natural gas and other hydrocarbons – 380-400 thousand barrels of oil equivalent per day.
Marathon Oil is an independent company engaged in the exploration and production of oil and gas on shale formations in the USA: Permian (New Mexico and Texas), Eagle Ford (Texas) and Bakken (North Dakota), Stack and Scoop in Oklahoma), also owns an integrated gas business in Equatorial Guinea.
Since the beginning of 2024, Marathon Oil‘s capitalization has increased by 11.2% to $15 billion.
