Marathon Oil Earnings: Here’s Why Investors are Selling Shares Now
Marathon Oil Corporation (NYSE:MRO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.51%.
Marathon Oil Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.67 in the quarter versus EPS of $ in the year-earlier quarter.
Revenue: Rose 3.01% to $3.9 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Marathon Oil Corporation reported adjusted EPS income of $0.67 per share. By that measure, the company beat the mean analyst estimate of $0. It beat the average revenue estimate of $0.
Quoting Management: “Marathon Oil continued to execute well operationally and had strong second quarter operating cash flows of $1.445 billion, before changes in working capital, in spite of lower international liquid hydrocarbon realizations compared to the first quarter. The large increase in the second quarter usage of cash for working capital was primarily a result of two tax installment payments for Norway, versus one in the first quarter, and our annual tax payment to Equatorial Guinea,” said Clarence P. Cazalot, Jr., Marathon Oil’s executive chairman.
Key Stats (on next page)…