Bloomberg
Marathon Oil Corp. (NYSE: MRO) said its first quarter profit fell 8.2 percent compared to the same period last year to $383 million because of lower oil prices.
Marathon Oil Corp. (NYSE: MRO) said its first quarter profit fell 8.2 percent compared to the same period last year to $383 million because of lower oil prices.
Meanwhile, the Houston exploration and production company?s production growth went up 19 percent over the same period last year to about 427,000 barrels of oil a day as it finds a gusher in U.S. resource plays. It?s total revenue grew 1.6 percent to $4.1 billion in the first quarter, Marathon Oil said late May 7.
Shares rose 1.09 percent to close at $34.33 per share May 7.
Marathon Oil was the ninth-largest company based in Houston last year with 2011 revenue of $15.3 billion for the year, according to the HBJ?s annual list of the largest public companies in the region.
That was a seven-spot drop in the Houston public company ranking after the company split off its refining business into Findlay, Ohio-based Marathon Petroleum Corp. (NYSE: MPC) in July 2011.
Collin Eaton covers banking, finance and securities.
Source: http://feedproxy.google.com/~r/vertical_30/~3/KiWpqO4WMJk/marathon-oil-profit-falls-in-first.html
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