February 3, 2009 / 2:33 PM / 9 years ago

UPDATE 1-Marathon posts net loss on oil sands charge

1 Min Read

*Output in quarter up 18 percent

*Net loss on oil sands writedown

HOUSTON, Feb 3 (Reuters) - (Reuters) - Marathon Oil Corp (MRO.N) reported a fourth-quarter net loss compared with a year-earlier profit as the integrated oil and gas company took a charge of $1.4 billion to write down the value of its Canadian oil sands project.

The net loss for the Houston-based company was $41 million, or 6 cents share, compared with net income of $668 million, or 94 cents per share a year earlier, Marathon said on Tuesday.

Excluding one-time items, Marathon had a profit of $1.025 billion, or $1.44 per share, compared with $500 million, or 70 cents per diluted share, a year earlier.

Oil and gas production averaged 417,000 barrels oil equivalent per day (boepd) for the fourth quarter of 2008, up 18 percent over 354,000 boepd for fourth quarter of 2007 (Reporting by Anna Driver in Houston, editing by Dave Zimmerman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below