Marathon Oil +1.8% as Q1 earnings triple, North American output rises


Marathon Oil (MRO+1.8% AH after Q1 earnings more than tripled despite a drop in revenue, as domestic production continues to grow and exploration costs fell 84%.

North American shale production jumped 10% Y/Y, but overseas production fell 14% due to a strike in Libya and aging fields in Norway and the U.K.; says the sale of its North Sea assets is on schedule and that bids are due this quarter.

Q1 revenue fell 12% to $3.53B, sales volume slipped 11% to $463M, while net production available for sales dropped 13% to $448M.

Operating margin narrowed to 33.5% from 35.8%, while provisions for income taxes fell 40% to $590M.

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