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Marathon Oil posts quarterly profit on higher oil prices, production

November 08/ 10:18

Houston. Oil and gas producer Marathon Oil Corp reported a third-quarter profit on Wednesday, driven by higher oil production and rising crude prices. It is reported by Reuters.

The company’s profit was $254 million, or 30 cents per share, in the quarter ended Sept. 30, compared with a net loss of $599 million, or 70 cents per share, a year earlier.

Total production rose to 419,000 barrels of oil equivalent per day (boe/d) from 371,000 boe/d. (Reporting by Shanti S Nair in Bengaluru; Editing by Anil D’Silva)

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