This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Marathon Oil 4Q Net Down On Exploration, Tax Costs

HOUSTON (AP) â¿¿ Marathon Oil Corp. said Wednesday that its fourth-quarter net income fell 41 percent on higher exploration costs and taxes.

The company earned $322 million, or 45 cents per share, for the quarter that ended Dec. 31. That was down from $549 million, or 78 cents per share, during the same period a year earlier.

Revenue rose 11.2 percent to $4.24 billion.

Adjusting for special items, the company said it would have earned $388 million, or 55 cents per share. Analysts surveyed by FactSet expected profit of 68 cents per share on revenue of $3.79 billion.

Exploration and production is the company's biggest segment, and profits in that unit fell 10 percent to $501 million as exploration expenses jumped to $238 million from $140 million a year earlier.

Profits from oil sands mining fell to $19 million, from $63 million a year ago, because of an unexpected outage at a facility that upgrades heavy oil.

The company had a $1.3 billion provision for income taxes, almost double what it set aside a year earlier.

Marathon also wrote off $17 million of the value of its Ozona development in the Gulf of Mexico. The development is expected to be abandoned in first half of this year, and Marathon had to write off 420,000 barrels of oil equivalent from its reserves as it reduced production expectations.

Production during the recent quarter rose 32 percent to 487,000 barrels of oil equivalent per day.

Marathon Oil shares fell 57 cents to $34.15 in morning trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs