Marathon Oil profit jumps on strong production growth, higher U.S. prices

|About: Marathon Oil Corporation (MRO)|By:, SA News Editor

Marathon Oil (NYSE:MRO) +1.8% premarket after reporting better than expected Q2 earnings, driven by strong production growth and higher crude oil and condensate prices in the U.S.

Production available for sale from continuing operations, excluding Libya, rose 6% Y/Y to 383K boe/day, attributed to continued growth in North American shale production.

MRO expects the region to produce 235M-248M boe/day in Q3 vs. 200M boe/day in the year-ago quarter.

Three high-quality Eagle Ford plays averaged net production of 170K boe/day, up 29% Y/Y and on track for greater than 30% Y/Y production growth.

Income from North American exploration and production rose 37% to $302M on higher sales volume that offset a 16% increase in exploration expenses.

Recorded 98% average operational availability for Company-operated assets.