Marathon Oil Corp Reports Third-quarter Loss Owing to Low Crude Prices
On Wednesday, Marathon Oil Corp reported quarterly loss that was larger than the analysts’ had expected. The losses were mainly attributed to the low commodity prices which pushed the U. S. oil company to write down the value of assets. The company has operations in Texas and Equatorial Guinea.
The Houston based oil company has pinched its forecast for production growth in the current year. The total output is expected to grow seven percent which matches the top mark of its earlier predicted range of five to seven percent growth.
All the oil and gas companies in the United States have faced troubles due to the greater than sixty percent slide in crude oil prices compared to one year ago. They have cut down on their capital spending along with the number of oil drilling rigs in order to save cash.
In a statement, Lee Tillman, the chief executive of Marathon Oil said “In an environment where we expect oil prices to remain low for a longer period of time, Marathon Oil continues to take strong action to deliver meaningful cost reductions and efficiency gains, while we remain on target to achieve the high end of our original total Company production growth targets.”
Last week, Marathon, cut its dividend by seventy six percent reported a loss of $749 million in the third-quarter. Last year, same period, the company reported profit of $431 million.
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