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Marathon Oil sales volume slips, earnings rise on fewer tax provisions

  • Marathon Oil (MRO) -1.5% AH after reporting lower Q4 sales volume, though the bottom line grew 16% due to fewer income tax provisions.
  • MRO has generally posted higher production in recent periods from its extensive activity in areas such as the Bakken shale in North Dakota and Eagle Ford shale in Texas, boosting earnings.
  • Total net proved reserves were ~2.2B boe at the end of 2013, up 8% Y/Y; reserve replacement ratio was 194%, with 344M boe of net proved reserves added.
  • Operating margin narrowed to 26.8% from 39.8%, while provisions for income taxes tumbled 60% to $522M.
  • Sales volumes slid 13% Y/Y and fell 3.3% Q/Q.
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