Monday, August 3, 2009

Marathon Oil Profit Falls 47% as Energy Prices Drop

Marathon Oil Corp., the fourth largest U.S. energy company, said second quarter profit fell 47 percent after the recession sapped fuel demand, spurring a collapse in petroleum prices. Net income dropped to $413 million, or 58 cents a share, from $774 million, or $1.08, a year earlier, Houston based Marathon said today in a statement. Excluding such items as gains on asset sales, per share profit was 35 cents, 18 cents below the average of 17 analyst estimates compiled by Bloomberg. Marathon was paid an average of $55.49 per barrel of oil, down by more than half from a year earlier, and its average natural gas price tumbled 57 percent. Marathon follows Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, the biggest U.S. oil companies, in reporting declines in second-quarter profits.....Complete Story

FREE Trend Analysis for your favorite stock!

No comments:

Stock & ETF Trading Signals