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Marathon Oil Q2 2013 income up to $426 million from $383 million

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Staff writer ▼ | August 8, 2013
Marathon OilMarathon Oil reported second quarter 2013 net income of $426 million, or $0.60 per diluted share, compared to Q1 2013 with $383 million, or EPS $0.54.

For the second quarter of 2013, adjusted net income was $478 million, or $0.67 per diluted share, compared to adjusted net income of $361 million, or $0.51 per diluted share, for the first quarter of 2013.

"Marathon Oil continued to execute well operationally and had strong second quarter operating cash flows of $1.445 billion, before changes in working capital, in spite of lower international liquid hydrocarbon realizations compared to the first quarter," said Clarence P. Cazalot, Jr., Marathon Oil's executive chairman.

Second quarter production available for sale in both E&P segments was at or above the company's guidance. In the U.S., Lower 48 onshore production grew to 182,000 barrels of oil equivalent per day (boed), a nearly 6 percent increase over the first quarter, highlighted by 11 percent growth in the Company's Eagle Ford operations and more than 5 percent growth in the Bakken.

In the International E&P segment, Marathon Oil had strong reliability and the Equatorial Guinea turnaround was completed in 22 days, 8 days ahead of schedule and under budget. Marathon Oil's non-operated Oil Sands Mining production decreased compared to the first quarter as a result of unplanned mine downtime and a planned turnaround at the AOSP in Canada.

The company signed an agreement to sell its 10 percent working interest in Angola Block 31 for approximately $1.5 billion. This brings the total completed or agreed divestitures to $2.9 billion for the period 2011 to date, at the top end of the targeted $1.5 to $3 billion.

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