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Marathon Oil Corporation Reports Fourth Quarter And Full-Year 2012 Results

Stocks in this article: MRO

HOUSTON, Feb. 6, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:MRO) today reported fourth quarter 2012 net income of $322 million, or $0.45 per diluted share, compared to net income in the third quarter of 2012 of $450 million, or $0.63 per diluted share. For the fourth quarter of 2012, adjusted net income was $388 million, or $0.55 per diluted share, compared to adjusted net income of $454 million, or $0.64 per diluted share, for the third quarter of 2012.

Marathon Oil reported full-year 2012 net income of $1.582 billion, or $2.23 per diluted share. Net income in 2011 was $2.946 billion, or $4.13 per diluted share. Net income for 2011 included income of $1.239 billion from the Company's former Refining, Marketing and Transportation business, which was spun off on June 30, 2011 and reported as discontinued operations in 2011, so income from continuing operations is better suited for year-over-year comparison. For full-year 2012, adjusted income from continuing operations was $1.736 billion, or $2.45 per diluted share, compared to adjusted income from continuing operations of $2.293 billion, or $3.21 per diluted share, for full-year 2011.

  Three Months Ended   Year Ended
  Dec. 31 Sept. 30   Dec. 31 Dec. 31
(In millions, except per diluted share data) 2012 2012   2012 2011
Adjusted income from continuing operations (a) $388 $454   $1,736 $2,293
Adjustments for special items (net of taxes):          
Impairments           (64)                 -           (231)         (195)
Gain (loss) on dispositions                 -            (11)               72             45
Unrealized gain on crude oil derivative instruments               5             29               34                -
Pension settlement             (7)           (22)             (29)           (19)
Loss on early extinguishment of debt                -                -                   -         (176)
Tax effect of subsidiary restructure                -                -                   -         (122)
Deferred income tax items                -                -                   -           (61)
Water abatement - Oil Sands                -                -                   -           (48)
Eagle Ford transaction costs                -                -                   -           (10)
Income from continuing operations $322 $450   $1,582 $1,707
Discontinued operations (b)             -               -                 -          1,239
Net income $322 $450   $1,582 $2,946
Adjusted income from continuing operations - per diluted share (a) $0.55 $0.64   $2.45 $3.21
Income from continuing operations - per diluted share $0.45 $0.63   $2.23 $2.39
Discontinued operations - per diluted share (b)                -                -                  - $1.74
Net income - per diluted share $0.45 $0.63   $2.23 $4.13
Revenues and other income (b) $4,236 $4,161   $16,221 $15,282
Weighted average shares - diluted           711           709             710           714
Cash Flow          
Cash flow from continuing operations before changes in working capital (c) $1,146 $992   $4,454 $4,908
Changes in working capital from continuing operations             59             78   (437)           526
Cash flow from continuing operations $1,205 $1,070   $4,017 $5,434

(a)   Adjusted income from continuing operations is a non-GAAP financial measure and should not be considered a substitute for income from continuing operations as determined in accordance with accounting principles generally accepted in the United States. See below for further discussion of adjusted income from continuing operations.

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