Houston’s Marathon Oil, the company with drilling efforts in Oklahoma’s STACK play and offices on Northwest Expressway in Oklahoma City, posted a third quarter profit down 44% from a year ago.
Still, the third quarter financial results were better than the Wall Street analysts had predicted, mostlly because of increased oil and gas production by the company. Marathon’s net production grew by 20% to 421,000 barrels of oil and gas equivalent a day from one year earlier. It was also up nearly 6% from the second quarter.
Marathon’s adjusted third quarter profit was $466 million or 77 cents a share. The company posted profit of $832 million or $1.24 a share one year earlier.