Marathon Oil Corp. (NYSE: MRO) shares are higher in morning trading after the company offered solid third-quarter results, including a surprise year-over-year increase in revenues.
The Houston-based oil and gas company posted adjusted earnings per share (EPS) of $0.64 on revenues of $4.16 billion for the quarter. In the same period a year ago, the company reported $0.56 per share on revenues of $3.80 billion. The quarter’s results also compare to the consensus estimates for EPS of $0.64 and $3.50 million in revenues.
Exploration and production available for sale per day averaged 392,000 net barrels. That excluded Libya, and it exceeded the company’s 365,000 to 380,000 target.
Clarence P. Cazalot Jr., the company’s chairman, president and CEO, said:
Our investment in the Eagle Ford shale a little more than a year ago, and our bolt-on acquisitions since then, continue to deliver value beyond original expectations. Not only have we improved the speed and efficiency of our drilling and completions there, we also continue to optimize well spacing which could significantly increase drillable locations and recoverable reserves. … With a strong position in U.S. resource plays and the very good operational performance we’ve had this year, Marathon Oil is positioned to meet or exceed our full-year production targets.
Shares are about 1% higher in morning trading to $30.84. The 52-week range is $23.17 to $35.49. But so far the mean price target is $34.75.