Marathon Oil Posts Bigger Quarterly Loss

U.S. shale exploration company Marathon Oil Corp reported a bigger quarterly loss on Thursday, due to a nearly $5 billion impairment charge related to the sale of its Canadian oil sands business.

 

The company's net loss widened to $4.96 billion, or $5.84 per share, in the first quarter ended March 31, from $407 million, or 56 cents per share, a year earlier.

 

Houston-based Marathon Oil's revenue rose to $1.07 billion from $570 million.


(Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto)