Marathon Oil (MRO) Misses Q2 EPS by 5c, Revenues Miss

Marathon Oil (NYSE: MRO) reported Q2 EPS of $0.15, $0.05 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $1.42 billion versus the consensus estimate of $1.46 billion.

"Another quarter of outstanding operational execution across our multi-basin U.S. portfolio has driven better than expected production in the resource plays, and has enabled us to raise our annual resource play production guidance for the second consecutive quarter with no increase to our development capital budget. Our Eagle Ford and Bakken asset teams continue to set the standard for performance in their respective basins, while our Oklahoma and Northern Delaware assets progress important multi-well infill tests," said Marathon Oil president and CEO Lee Tillman. "Additionally, we continue to benefit from about half of our oil production for the quarter being linked to LLS or Brent, and the flexibility afforded by our differentiated position in the four best U.S. unconventional plays. In the second half of the year, we plan to drill our first exploration well in the emerging Louisiana Austin Chalk play as we continue our pursuit of low entry cost opportunities to enhance full-cycle returns. Our focus remains on execution and capital discipline, and we generated more than $250 million in organic free cash flow in the second quarter. We remain on track to deliver a strong rate of change in our key financial performance metrics highlighted by an expected annual increase of more than 70 percent in corporate cash return on invested capital (CROIC) at current strip prices."

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