Marathon Oil Corporation (NYSE:MRO) has issued its interim update for the first quarter of 2009. The company’s E&P results came in higher than expected, 429,000 barrels of oil equivalent per day available for sale, compared with estimates of 400,000 barrels to 415,000 barrels.
The not-so-good news is that price realizations for the first two months of the quarter were down $13.70/barrel in the US and $15.18/barrel internationally. Natural gas prices were also off $0.25/thousand cubic feet compared with the fourth quarter of 2008.
Refined products sales volumes were up slightly, from 1.279 million barrels/day in the first quarter of 2008 to 1.285 million barrels/day this year. Gross margins are estimated to be $0.08/gallon, compared with a loss of $0.0026 a year ago. Marathon attributes the increase to better crack spreads in the Midwest and the Gulf Coast and lower costs for crude.
Marathon will report earnings on April 30th. Shares are down more than 1% in pre-open trading this morning, at $28.50/share. The company’s 52-week range is $19.34 to $55.75.
Paul Ausick
April 14, 2009
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
