Marathon Oil adjusted net income $1.16 billionStaff writer ▼ | February 19, 2015
Marathon Oil Corporation reported full-year 2014 adjusted net income from continuing operations of $1.16 billion, or $1.70 per diluted share.
Marathon Oil Corporation $1.70 per diluted share
Reported income from continuing operations for full-year 2014 was $969 million, or $1.42 per diluted share, and reported net income was $3.046 billion, or $4.46 per diluted share.
"Marathon Oil delivered against our performance commitments in 2014, increasing production by 35 percent in our three highest-value resource plays, successfully marketing our Norway and Angola assets, and executing share repurchases in the first half of the year worth $1 billion," Marathon Oil president and CEO Lee M. Tillman said.
"Overall we recorded 97 percent operational availability for Company-operated assets during the year. Additionally, our proved reserve replacement was 183 percent at a competitive finding and development cost.
Our North America E&P operations added net proved reserves of 288 million boe, mainly due to downspacing, drilling activity and improved well performance, amounting to a 37 percent increase over the prior year's ending balance.
"The second half of 2014 brought a rapid correction in commodity prices and our fourth quarter North America crude oil and condensate realizations were down 26 percent sequentially.
"Though our U.S. resource plays generate competitive returns at current pricing, we're taking action to materially reduce our 2015 capital program relative to 2014 to protect our financial flexibility. Marathon Oil is well prepared, we re-shaped our portfolio to concentrate on higher margin, higher return opportunities and have the optionality to adjust our short-cycle investments in line with commodity volatility. ■