Marathon Q2 Profit Rises

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Marathon Oil, which recently completed the spin-off of its marketing and refining business, said its second-quarter profit rose 40.5% to $996 million, or $1.39 per share, from $709 million, or $1 per share, a year earlier. Revenue climbed 31.8% to $3.68 billion.

Texas-based Marathon (MRO) reported an adjusted profit of $689 million, or 96 cents per share. Marathon said it sold oil for a worldwide average of $104.93 per barrel, up 42.4% from a year ago, according to the Associated Press. The company said natural gas prices increased 23% to $3.21 per 1,000 cubic feet.

The company said growth at North American shale fields should help it boost annual production by 5%-7% through 2016. Like many of its larger rivals, Marathon said its second-quarter production was hampered by political upheaval in North Africa and the Middle East.

The company is waiting for regulators to approve new drilling plans at its Innsbruck prospect in the Gulf of Mexico where drilling was suspended following the Gulf of Mexico oil spill last year, the AP reported.