LONDON, November 25, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings insights on Marathon Oil Corp. ( NYSE: MRO). On November 03, 2014, the company reported its financial results for Q3 FY14 (period ended September 30, 2014). Click on http://www.investor-edge.com/FreeReports to read our free earnings review on Marathon Oil Corp. (Marathon Oil). For Q3 FY14, Marathon Oil's U.S. resource plays' average net production was 192,000 boed, up 43% from the year-ago quarter and 13% higher than Q2 FY14. Lee M. Tillman, President and CEO of Marathon Oil, stated that the company's U.S. resource plays delivered strong operational performance in Q3 FY14, and the company remains on track to achieve greater than 30% production growth Y-o-Y in the resource plays. Our free coverage report can be accessed at:
Marathon Oil's total revenues and other income during Q3 FY14 declined to $2,971 million from $3,127 million in Q3 FY13. The company's reported revenues fell short of Bloomberg analysts' forecasts of $2,984 million. The company's total sales volumes from continuing operations (excluding Libya) during Q3 FY14 averaged 411,000 net barrels of oil equivalent per day (boed) compared to 382,000 net boed in the year-ago quarter. Meanwhile, the company's Q3 FY14 production available for sale from continuing operations (excluding Libya) averaged 409,000 net boed, compared to Q3 FY13 average of 365,000 net boed, driven by North America E&P's continued growth in the US resource plays. Net sales volumes in North America E&P reported a Y-o-Y increase of 50 mboed to 250 mboed in Q3 FY14. The free research on MRO can be downloaded as in PDF format at:
The company's total segment income from continuing operations decreased to $491 million in Q3 FY14 from $540 million in Q3 FY13. Marathon Oil's income from continuing operations narrowed to $304 million, or $0.45 per diluted share, from $396 million, or $0.56 per diluted share, in Q3 FY13. Excluding the impact of certain items, Marathon Oil's Q3 FY14 adjusted income from continuing operations stood at $388 million, or $0.57 per diluted share, compared to $444 million, or $0.63 per diluted share, in Q3 FY13. Further, the company's reported net income for Q3 FY14 decreased to $431 million, or $0.64 per diluted share, from $569 million, or $0.80 per diluted share, in Q3 FY13. Analysts from Bloomberg had expected the company to report net income of $503 million or $0.80 per share.
Mr. Tillman informed that Marathon Oil's Eagle Ford and Bakken net production delivered double-digit growth compared to the previous quarter. However, lower price realizations offset the impact of higher production volumes in the company's financial results. Sign up and read the free analyst's notes on MRO at:
Mr. Tillman also mentioned that in October the company closed on the sale of its Norway business for proceeds of approximately $2.1 billion. He added that the first priority for the use of proceeds is organic reinvestment in the company's deep and growing U.S. unconventional portfolio. Mr. Tillman further stated that the company has already added an incremental drilling rig in the Bakken and has plans to add two rigs in the Oklahoma Resource Basins before year end, as previously announced. He said that, importantly, Marathon Oil continues to drive top-quartile drilling performance and enhanced production rates through improved completion designs.
On the day following the earnings release, November 04, 2014, Marathon Oil's stock ended the session at $33.36, down 3.50%. Since then, shares of the company have witnessed a mixed momentum. On the last close, Monday, November 24, 2014, the stock finished at $33.57, 0.77% below its previous day's closing price of $33.83, after vacillating between $33.36 and $33.89. A total of 5.62 million shares were traded, which was below its three months average volume of 6.30 million shares. Over the previous three trading sessions, the company's shares have advanced 2.44%. However, the stock has declined 2.70% over the last one month and 4.90% from the beginning of 2014. Shares in Marathon Oil's closed below their 50-day and 200-day moving averages of $35.25 and $36.69, respectively. Furthermore, the stock traded at a PE ratio of 13.80 and has a Relative Strength Index (RSI) of 50.30. Visit Investor-Edge and access the latest research on MRO at:
Sneak Peek to Corporate Insider Trading
In the last one month, Marathon Oil has reported one insider selling transaction to the U.S. Securities and Exchange Commission (SEC). On October 30, 2014, Lance W. Robertson, VP-North America Production Operations at Marathon Oil, sold 701 shares, worth $23,918 at a price of $34.12 per share. Complimentary in-depth research on MRO is available at:
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