Marathon Oil swings to profit

Marathon Oil swings to profit
Image courtesy of Marathon Oil

Houston-based energy company and operator of the Equatorial Guinea LNG plant, Marathon Oil, swung to a first-quarter profit as its production increased. 

Marathon Oil reported a net income of $356 million compared to a $28 million loss in the corresponding period last year. The company’s adjusted net income was $154 million, compared to $56 million in the first quarter of 2017.

The adjustments to net income from continuing operations for first quarter 2018 totaled $202 million before tax, primarily due to a $257 million gain from sale of the Libya unit, partially offset by an unrealized loss of $43 million on commodity derivatives.

Total production averaged 398,000 net boed, excluding Libya, 20.6 percent up on the first quarter 2017 figures. The company expects its second-quarter production to total 415,000 boed.

For full-year 2018, the company expects annual resource play oil and barrel of oil equivalent (boe) growth of 25 – 30 percent, up from 20 – 25 percent previously, and is trending toward the high end of its 2018 guidance ranges for total Marathon Oil’s oil and boe.

Share this article

Follow LNG World News


<< Jan 2019 >>
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >


LNG2019 is presented by the IGU, GTI and IIR, supported by the Shanghai Government and hosted by China LNG Association, China Gas Society, The Chinese Association of Refrigeration and China Gas Association.

read more >