Houston-based energy company and operator of the Equatorial Guinea LNG plant, Marathon Oil has reduced its losses by more than a half in the second quarter of this year.
Marathon reported a second-quarter net loss of $170 million, or 20 cents per share, compared with a net loss of $386 million, or 57 cents per share, in the same period a year ago.
The company’s adjusted net loss for the quarter was $196 million or $0.23 per share.
Marathon posted revenue of $1.3 billion in the period, as compared to $1.53 billion a year ago.
Second quarter total production averaged 384,000 net boed, in line with guidance, Marathon said in the results report.
The company has adjusted its full-year 2016 E&P production guidance range resulting in a new range of 330,000 to 345,000 net boed, which reflects divestitures and acquisitions closed to date.
Additionally, Marathon expects its full-year 2016 capital program to be $1.3 billion, or $100 million lower than the original budget.