Marathon Oil surges 50% to 189 million dollars

Marathon Oil Corp. Wednesday announced a 50% increase in its adjusted quarterly profit, boosted by an increase in shale oil production in the United States that offset a decline in crude oil prices.

Earnings amounted to $ 189 million, or 23 cents per share, in the three months to June 30, compared to $ 126 million, or 15 cents a share, a year earlier, announced society.

Total oil equivalent production averaged 435,000 barrels a day, compared to 419,000 barrels of oil equivalent in the second quarter of 2018.

In its monthly report on drilling productivity, the US Energy Information Administration predicted in mid-July that US oil production would increase by 49,000 barrels per day in seven major rock formations to approximately 8.55 million barrels per day. .

The largest change is expected in the Permian Basin in Texas and New Mexico, where production is expected to increase by 34,000 b / d to approximately 4.21 million b / d in August.

Marathon Oil is an independently created startup on July 1, 2011. It focuses on the largest oil resources in the United States. Its headquarters are located in Houston, Texas, Mexico, Oklahoma and North Dakota. It is also present in Equatorial Guinea.

Marathon Oil goes back 130 years when the parent company was founded in 1887 and its shares are traded on the NYSE under the stock symbol: MRO.