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By Brenda León
Marathon Oil posted a lower second-quarter profit on a decline in revenue and higher expenses.
The Houston-based liquid hydrocarbons and natural-gas producer on Wednesday reported a drop in profit of $287 million, or 47 cents a share, for the quarter ended June 30, compared with a profit of $966 million, or $1.37 a share, in the same quarter a year earlier.
Analysts polled by FactSet expected the company to post earnings of 45 cents a share.
Total revenue fell to $1.51 billion from $2.30 billion in the year-ago quarter, in line with analysts’ estimates of $1.51 billion.
Costs and expenses rose to $1.10 billion from about $1 billion.
Write to Brenda León at [email protected]
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