This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs