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Marathon Oil Corporation Reports Second Quarter 2013 Results

HOUSTON, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:MRO) today reported second quarter 2013 net income of $426 million, or $0.60 per diluted share, compared to net income in the first quarter of 2013 of $383 million, or $0.54 per diluted share. For the second quarter of 2013, adjusted net income was $478 million, or $0.67 per diluted share, compared to adjusted net income of $361 million, or $0.51 per diluted share, for the first quarter of 2013.

  Three Months Ended
  June 30 Mar. 31
(In millions, except per diluted share data) 2013 2013
Adjusted net income (a) $478 $361
Adjustments for special items (net of taxes):    
Unrealized gain (loss) on crude oil derivative instruments 32 (32)
Impairments -- (10)
Net gain (loss) on dispositions (73) 64
Pension settlement (11) --
Net income $426 $383
Adjusted net income - per diluted share (a) $0.67 $0.51
Net income - per diluted share $0.60 $0.54
Revenues and other income $3,898 $4,106
Weighted average shares - diluted 714 712
Exploration expenses    
Unproved property impairments $40 $383
Dry well costs 50 21
Geological and geophysical 12 27
Other 31 34
Total exploration expenses $133 $465
Cash flow    
Cash flow from operations before changes in working capital (b) $1,445 $1,601
Changes in working capital (577) (73)
Cash flow from operations $868 $1,528

(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.

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