Marathon Q1 Profit Up, But Misses Estimate

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Marathon Oil said its first-quarter rose to $996 million, or $1.39 a share, compared from $457 million, or 64 cents a share, but that missed the $1.44 a share analysts were expecting. Revenue jumped 26% to $21.1 billion from $16.6, missing the $21.84 billion analysts had forecast.

Texas-based Marathon (MRO) said income from domestic exploration and production slid to sharply to $30 million from $109 million in the year-earlier period, but added that its international exploration profit surged 33% to $668 million. The company produced 20,000 fewer barrels of oil equivalent per day in the quarter because of lost production in Libya.

''Thus far in 2011, we have continued to enhance our position in our Exploration and Production segment's liquids-rich North American resource plays, acquiring additional acreage and spudding our first well targeting the Texas Eagle Ford Shale, as well as signing an agreement with a partner to assist in de-risking our position in the Colorado/Wyoming Niobrara Shale,'' Marathon CEO Clarence P. Cazalot Jr. said in a statement.

Production available for sale averaged 370,000 barrels of oil equivalent per day for the first quarter of 2011, excluding Libya, compared to 317,000 barrels of oil equivalent per day for the same period in 2010, also excluding Libya, according to the statement. The company is forecasting second-quarter production of 340,000-360,000 barrels per day and full-year production of 345,000-365,000 barrels per day.

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