Another company that is expected to report a year-over-year drop in earnings on lower revenues this month is Marathon Petroleum, the Texas company with a footprint all over Oklahoma’s STACK play.
The company’s earnings report will be released next week on January 29. Some analysts suggest Marathon’s quarterly earnings will be 85-cents a share, a drop of nearly 65% from a year earlier.
Wall Street experts predict Marathon’s revenues will be more than $29 million which is a decline of 8.8% from the year-ago quarter.
If the company’s report follows through with the forecast, it shouldn’t be a stunning surprise. It means Marathon will be only the latest in a growing line of oil and gas companies struggling with the slowdown in crude oil production and prices.