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Marathon Oil Corporation Reports First Quarter 2013 Results

HOUSTON, May 7, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:MRO) today reported first quarter 2013 net income of $383 million, or $0.54 per diluted share, compared to net income in the fourth quarter of 2012 of $322 million, or $0.45 per diluted share. For the first quarter of 2013, adjusted net income was $361 million, or $0.51 per diluted share, compared to adjusted net income of $388 million, or $0.55 per diluted share, for the fourth quarter of 2012.

  Three Months Ended  
  Mar. 31 Dec. 31  
(In millions, except per diluted share data) 2013 2012  
Adjusted net income (a) $361 $388  
Adjustments for special items (net of taxes):      
Unrealized gain (loss) on crude oil derivative instruments                      (32)                          5  
Impairments                      (10)                      (64)  
Net gain on dispositions                       64                         -    
Pension settlement                         -                          (7)  
Net income $383 $322  
Adjusted net income - per diluted share (a) $0.51 $0.55  
Net income - per diluted share $0.54 $0.45  
Revenues and other income $4,106 $4,237  
Weighted average shares - diluted                     712                     711  
Exploration expenses      
Unproved property impairments $383 $78  
Dry well costs                       21                       92  
Geological and geophysical                       27                       32  
Other                       34                       33  
Total exploration expenses $465 $235  
Cash flow      
Cash flow from operations before changes in working capital (b) $1,601 $1,146  
Changes in working capital                      (73)                       59  
Cash flow from operations $1,528 $1,205  
(a)   Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income as determined in accordance with accounting principles generally accepted in the United States. See below for further discussion of adjusted net income.  
(b)   Cash flow from operations before changes in working capital is a non-GAAP financial measure and should not be considered a substitute for cash flow from operations as determined in accordance with accounting principles generally accepted in the United States. See below for further discussion of cash flow from operations before changes in working capital.  
 
 
 

"Marathon Oil's first quarter performance was highlighted by continued growth in production available for sale, up 4 percent over the prior quarter and 19 percent over the first quarter of 2012, excluding Libya and Alaska, largely driven by our U.S. resource plays," said Clarence P. Cazalot, Jr., Marathon Oil's chairman, president and CEO. "Net sales volumes, excluding Libya, grew 3 percent over the previous quarter to 485,000 barrels of oil equivalent per day (boed). These higher sales volumes, along with improved cash production costs per barrel of oil equivalent and higher crude oil and condensate realizations in North America, led to a 40 percent increase in cash flow from operations before changes in working capital for the quarter.

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