Marathon Oil profits halve

Houston Marathon Oil announced a net profit of $ 174 million for the first quarter, down about 50% from the first three months of 2018.

While the difference came largely from taxation and coverage benefits a year ago, Marathon's revenue has dropped from over $ 1.5 billion to $ 1.2 billion.

The price of crude oil began the year down after a sharp decline at the end of 2018, but prices have rebounded since. Marathon Chief Executive Lee Tillman said the company's oil and gas production increases for 2019 remained on track without increasing spending.

"With this significant operational momentum, we expect higher yields and free cash flow generation, while our capital expenditure plans remain unchanged," said Tillman.

In the United States, Marathon's oil and gas production has increased compared to last year – based notably on Eagle Ford shale in Texas (south) and Bakken (North Dakota) – while that international volumes have plummeted.

Marathon also cited "extreme weather conditions" that hampered production during the quarter.

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Earlier this year, Marathon chose to sell its UK-based company to focus more on American shale.