Marathon Oil: 2Q Earnings Snapshot
Posted Aug 5, 2020 05:53:20 PM.
Last Updated Aug 5, 2020 05:54:07 PM.
This article is more than 5 years old.
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported a second-quarter loss of $750 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of 95 cents. Losses, adjusted for non-recurring costs, came to 60 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share.
The energy company posted revenue of $272 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $530.5 million.
Marathon Oil shares have dropped 56% since the beginning of the year, while the Standard & Poor’s 500 index has risen 3%. In the final minutes of trading on Wednesday, shares hit $5.98, a drop of 52% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRO at https://www.zacks.com/ap/MRO
The Associated Press
