Marathon narrows losses

HOUSTON, May 5, 2017 – Marathon Oil posted a USD 57-million first-quarter adjusted net loss on Thursday, down from a negative USD 83 million in Q4 2016 and negative USD 317 million in the same period a year earlier.

Revenues during the quarter stood at USD 1.07 billion, almost double the figure for Q1 2016, while output averaged 338,000 boepd.

During the period, the company acquired Permian acreage in the USA worth around USD 1.8 billion, and struck a deal to divest from its Canadian oil sands operation for USD 2.5 billion.

“We’re off to a strong start in 2017, highlighted by our transformative portfolio moves to enter the Northern Delaware basin and exit the Canadian oil sands,” CEO Lee Tillman said in a statement.

“We’re on track to deliver our 2017 capital program, having ramped up resource play activity from 12 to 20 rigs in the first quarter.”

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