Marathon Oil Corp. (MRO: Quote) posted first quarter net income of $417 million or $0.59 per share, lower than $996 million or $1.39 per share last year.
Adjusted net income per share was $0.67 for the quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share. Analysts' estimates typically exclude special items.
Total revenues and other income was up to $4.04 billion from $3.81 billion in the prior-year quarter. Analysts expected revenues of $3.36 billion.
"Marathon Oil had a solid quarter operationally with the Exploration and Production (E&P) segment delivering production available for sale at an average 371,000 barrels of oil equivalent per day (boed) - excluding Libya - which was above our projections," said Clarence Cazalot, Marathon Oil's chairman, president and CEO.
"Our solid operational performance in both our base and growth asset portfolios is indicative of the progress we continue to make in executing our growth strategy. We remain confident that our continued focus on financial discipline and the execution of our business plans for all our assets will drive the delivery of our projected 5-7 percent compound annual production growth rate through 2016 and increase shareholder value," Cazalot added.
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by RTT Staff Writer
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