Marathon Oil grows stronglyStaff writer ▼ | November 21, 2013
For the third quarter of 2013, adjusted net income was $617 million, or $0.87 per diluted share, compared to adjusted net income of $478 million, or $0.67 per diluted share, for the second quarter of 2013.
Third quarter net income increased to $569 million, up 34% from second quarter. Adjusted net income per share increased to $0.87, up 30% from second quarter, and Eagle Ford production doubled compared to third quarter 2012.
"Marathon Oil achieved strong financial results in the third quarter, delivering $1.44 billion in operating cash flows before working capital changes, and adjusted net income of $617 million, 29 percent higher than the second quarter. All three business segments performed well, capturing the higher liquid hydrocarbon realizations both domestically and internationally, compared to the second quarter.
"Marathon Oil again delivered a major planned turnaround on time and on budget, this time with the Company's Alvheim facility in Norway. Sales volumes, excluding Libya, came in slightly higher during the quarter reflecting the impact of the planned turnaround and expected moderate growth in the resource plays.
With acreage retention drilling in the Eagle Ford now essentially complete, volumes have returned to a more robust growth profile in the fourth quarter. The Company's Eagle Ford production averaged approximately 92,000 net barrels of oil equivalent per day (boed) for the last seven days of October, placing us on track to achieve a 2013 exit rate of approximately 100,000 net boed.
"Additionally, during the quarter, the Oil Sands Mining segment achieved better reliability compared to the second quarter," said Lee M. Tillman, Marathon Oil's president and CEO. ■