Marathon Oil Takes Q3 Hit on Low Oil Prices

Marathon Oil Corp, on Wednesday reported a quarterly loss compared with a year-earlier profit, as low commodity prices prompted the a U.S. oil company with operations in Texas and Equatorial Guinea to write down the value of assets.

 

Marathon, which slashed its dividend 76 percent last week, reported a third-quarter loss of $749 million, or $1.11 per share, compared with a profit of $431 million, or 64 cents per share.

 

Total oil and gas output from continuing operations (excluding Libya) averaged 434,000 barrels oil equivalent per day (boed), up 6 percent from the year-earlier period.


(Reporting by Anna Driver)