Marathon Oil has announced its first quarter results of 2024, beating profit estimates, due to higher oil and liquefied natural gas (LNG) pricing.
The Houston-based oil and gas firm reported an adjusted profit of 55 cents per share for the quarter ended March 31, slightly higher than analysts’ average estimate of 54 cents per share, according to LSEG data, according to Reuters.
Crude oil prices in the quarter were in line with prices from the previous year, as production cuts by OPEC+ countries offset lower demand.
The company reported that the average price for crude oil and condensate in the US was up about 1% at $75.39 per barrel (bbl), while the international price was up 5.6% to $61.86 per bbl.
CEO Lee Tillman expressed confidence in the company’s future, stating, “We remain fully on track to deliver a 2024 program that provides a sector-leading combination of free cash flow, capital efficiency, and shareholder returns.”
Notably, Marathon Oil delivered first quarter oil production of 181,000 net (bop/d) and first quarter oil-equivalent production of 371,000 net (boe/d), inclusive of winter weather downtime, primarily in the Bakken
Marathon Oil also reported that its average realized price for natural gas sold as LNG was $7.21 per million cubic feet (mmcf) in the first quarter.