USX-Marathon Profits More Than Double

Earnings Scorecard
Actual	Estimated*	Year-Ago
$1.25	$1.14	$0.47

Oil and gas company USX-Marathon Group (MRO Quote) said Wednesday that fourth-quarter earnings more than doubled from the same quarter in 1999, thanks to strong oil prices and better profit margins on fuels.

Adjusted for special items, income climbed to $386 million, or $1.25 a share, up from $148 million, or 47 cents a share, in the same period in 1999.

The results came in 11 cents higher than the $1.14-a-share consensus estimate of 20 Wall Street analysts polled by First Call/Thomson Financial. The growth is attributable to turmoil in the Middle East last fall and the current energy crisis, which sent crude oil and natural gas prices sky-high in the fourth quarter of 2000.

The company also said revenues rose to $8 billion in fourth quarter of 2000, up from $7.3 billion in the same period one year ago.

Along with U.S. Steel (X Quote), which also reported earnings Wednesday, USX-Marathon Group makes up Pittsburgh-based USX, a worldwide producer of oil, natural gas, steel and steel products.

USX-Marathon shares were down 25 cents, or 0.9%, to $27.25 in afternoon trading on the New York Stock Exchange.