Yesterday, Houston-based integrated oil major Marathon Oil Corporation (MRO) provided an interim update for the third quarter of 2009 (covering the first two months of the quarter). Recovery in crude oil prices is expected to benefit the company's upstream segment, while the downstream business will see higher refinery output and throughputs. The company plans to release its quarterly results on November 3, 2009. Upstream Marathon expects third-quarter oil and natural gas production available for sale from continuing operations to average 395,000 oil-equivalent barrels per day (BOE/d), which is within the company's guidance for the quarter. This is below the previous quarter’s output of 411,000 BOE/d but above the year-ago production of 389 BOE/d and closer to the high end of its 380,000–400,000 BOE/d guidance. Marathon's realized oil price domestically averaged $60.59 per barrel, up 14% sequentially, but down 43% year-over-year. The company's domestic realized price was ...

Yesterday, Houston-based integrated oil major Marathon Oil Corporation (MRO) provided an interim update for the second quarter of 2009 (covering the first two months of the quarter). Recovery in crude oil prices and an increase in oil and gas output is expected to benefit the company's upstream segment, while the downstream business will see lower refinery output and throughputs. The company plans to release its quarterly results on August 3, 2009. Marathon expects second-quarter oil and natural gas production available for sale from continuing operations to average 411,000 oil-equivalent barrels per day (BOE/d), which is above the company's guidance for the quarter. Approximately two-thirds of Marathon's production comes from outside the U.S. Second-quarter volumes sold will be above the previous and year-earlier levels, reflecting Marathon's revamped upstream asset portfolio and strong growth profile. Marathon's realized oil price domestically averaged $48.72 per barrel, up 33% sequentially, but ...

Earlier today, Marathon Oil Corporation (MRO) provided a weaker-than-expected fourth quarter 2008 interim update (covering the first two months of the quarter). While weak commodity-price realizations were built into estimates and were expected to be the primary reason for negative comparisons with previous results, Marathon's results will also be affected by upstream production shortfalls. We expect that today's guidance will prompt downward earnings revisions. The company reports fourth-quarter 2008 results on February 3, 2009.Marathon expects fourth-quarter production of oil and natural gas to average 415,000 oil-equivalent barrels per day (BOE/d), which is below the company's guidance for the quarter. Approximately two-thirds of Marathon's production comes from outside the U.S.Three factors weighed on the upstream shortfall: a longer-than-expected downtime at the Alba platform in Equatorial Guinea, lingering effects of the Gulf of Mexico hurricanes, and the October-2008 sale of interest in an offshore Norway asset. ...