Marathon Oil Posts Quarterly Loss, Trims Capital Budget

U.S. oil producer Marathon Oil Corp posted a quarterly loss on Tuesday and cut its 2017 capital budget, but raised its forecast for shale output this year.

 

For the second quarter, the company posted a net loss of $139 million, or 16 cents per share, compared with $170 million, or 20 cents per share, in the year-ago period. Production, excluding Libya operations, rose about 2 percent to 349,000 barrels of oil equivalent per day.


(Reporting by Ernest Scheyder in Houston; Editing by Lisa Shumaker)