Marathon, Occidental post Q1 results
HOUSTON, May 5, 2016 – US oil producers Marathon Oil and Occidental Petroleum announced their quarterly results on Thursday, with the latter reporting USD 78-million profit over the first quarter of 2016. Occidental’s production was up too, rising by 10% year-on-year to reach 590,000 boepd.
Marathon Oil, on the other hand, saw its quarterly losses widen from USD 276 million in the first three months of 2015 to USD 407 million this year. Production came out at 388,000 boepd, down from 452,000 boepd over the last quarter of 2015, mostly as a result of dwindling North American output.
While overseas production is expected to stay between 115,000 boepd and 125,000 boepd in the second quarter, North American volumes are set to decline further to 220,000-230,000 boepd “as a result of reduced capital investment,” the company said. In early 2015, Marathon produced almost double that amount, 452,000 boepd.