Nov. 07–Marathon Oil reported a $254 million net profit in the third quarter that swung up from a nearly $600 million loss during the same quarter last year.
The Houston-based oil producer said it was led by higher oil prices and growth in South Texas’Eagle Ford shale. Marathon’s net income also more than doubled from the $96 million gain in the second quarter of 2018.
Marathon’s revenues jumped by one-third from last year from $1.25 billion up to $1.67 billion.
The company’s oil and gas production volumes are up while keeping capital spending levels flat, said Marathon Chief Executive Lee Tillman.
He said the strongest production is in the Eagle Ford and North Dakota’s Bakken shale, while also citing the transition to more development drilling in Oklahoma and steady progression in the northern Permian Basin in West Texas and into New Mexico.
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