NEW YORK (TheStreet) -- Marathon Oil's (MRO - Get Report) revenue fell in the second quarter, but a deeper look inside its earnings report reveals that the company is on track to post double-digit growth from its core assets in the U.S.
In announcing its second-quarter results on Monday, Marathon said revenue fell 1.6% to $2.94 billion, partly because of asset sales. But earnings from continuing operations rose almost 50% to $360 million on a 9.1% increase in sales volume from continuing operations, excluding Libya, and on higher oil prices in the U.S.
Furthermore, Commerce Department has recently allowed Pioneer Natural Resources
(PXD) and Enterprise Product Partners
(EPD) to export condensates, a type of ultra-light crude oil. The government had banned all exports of crude oil since the 1970s.
Marathon could benefit from the government's move, because exports may push the U.S. condensate prices higher. That may boost Marathon's earnings, because the company is one of the top condensate producers in the Eagle Ford shale in south Texas.
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