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Marathon Oil profits up 50% thanks to growing oil shale production in the United StatesMarathon Oil Corp. on Wednesday recorded a 50% rise in adjusted quarterly profit, spurred by an increase in shale production in the United States that overshadowed a drop in crude oil prices.
The company said its earnings reached $ 189 million, or 23 cents a share, in the three months to June 30, from $ 126 million, or 15 cents a share, a year earlier.
Total oil equivalent production averaged 435,000 barrels a day, compared to 419,000 barrels of oil equivalent in the second quarter of 2018.
(Prepared by Wajdi Al Alfy for the Arab Bulletin)
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