June 2009 -- Net income for Marathon Oil Corp. dived in the first quarter of 2009 compared with the same period one year ago, due largely to dramatic price decreases in crude and natural gas prices, the Houston company said. Net income for the three months ended March 31, 2009, was $282 million, or 40 cents per diluted share, on revenue of $10.36 billion, which compares with net income of $731 million, or $1.02 per diluted share, on revenue of $18.1 billion in the first three months of 2008, according to a first-quarter earnings release.
"Marathon is managing through this challenging economic cycle, delivering solid business performance and maintaining capital discipline," stated Clarence P. Cazalot Jr., president and CEO of Marathon, in the earnings release. "We're working hard to reduce costs throughout the organization, as well as working with our suppliers, vendors and partners to drive down costs."
According to Marathon, sales volume during the first quarter averaged 404,000 barrels of oil equivalent per day, compared with 378,000 barrels of oil equivalent during the same period a year ago. This represents a 7% increase.
Simultaneous to releasing first-quarter earnings, Marathon announced it had signed an agreement to sell a portion of its Permian Basin production assets for $301 million.
