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Marathon Oil reports 170 million dollars loss in second quarter

Xinhua, August 4, 2016 Adjust font size:

Marathon Oil, an American petroleum and natural gas exploration and production company, on Wednesday reported a loss of 170 million U.S. dollars in the second quarter.

The Houston-based company said in a statement that its revenue fell by 15 percent to 1.3 billion dollars in the second quarter of the year, and the loss in the second-quarter amounted to 20 cents per share, a 56 percent improvement over the same quarter of last year.

The company's expenses dropped by more than 400 million dollars to 1.5 billion dollars, and its production reduced by 4 percent to 393 million barrels of oil equivalent per day compared with a year earlier.

This year the company has sold more than 1 billion dollars in "non-core" assets, and bought 61,000 acres of Oklahoma's STACK (the Sooner Trend oil field Anadarko basin) play for more than 888 million dollars.

As of Dec. 31, 2015, Marathon Oil had 2.163 billion barrels of oil equivalent of estimated proved reserves, of which 44 percent was in the United States, 32 percent in Canada, 12 percent in Equatorial Guinea, and 11 percent in other countries in Africa, primarily Libya. Endi