Marathon Oil Corp. ended the final three months of 2008 with a $41 million loss, stemming from an impairment charge of $1.4 billion and declining crude prices. The 2008 IW 50 Best Manufacturer posted net income of $668 million, or 94 cents per share, during the year-earlier period.
For the year, profit fell to $3.5 billion, or $4.95 a share, compared with net income of $4.6 billion, or $6.47 a share, in 2007. Company president and CEO Clarence Cazalot Jr. attributed the drop-off to price swings.
"2008 was a year of extreme market volatility with record high crude prices at midyear, followed by rapid and steep decline in crude prices," he said when earnings were announced Feb. 3.
At A Glance Marathon Oil Corp. Houston, Texas Primary Industry: Petroleum & Coal Products Number of Employees: 29,524 2007 In Review Revenue: $64.66 billion Profit Margin: 6.12% Sales Turnover: 1.51 Inventory Turnover: 15.23 Revenue Growth: -0.61% Return On Assets: 12.83% Return On Equity: 27.08% |
"Our upstream business delivered growth again in the fourth quarter with production available for sale increasing 3% over the third-quarter 2008 and 14% over the fourth-quarter 2007, resulting in one of the strongest production quarters in the history of the company," he said.
Meanwhile, the Associated Press reported March 9 that Cazalot saw his total compensation fall 36% to $8.34 million in 2008 related to lower bonuses and stock-options value.
Cazalot received performance and other bonuses totaling $3.78 million in 2008, down from the $6.26 million he received the previous year, when the company's stock price increased 26%, the AP reported.
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