Marathon Oil Profit Beats Forecasts On Rising Crude, Cost Cuts

Marathon Oil Profit Beats Forecasts On Rising Crude, Cost Cuts

U.S. oil producer Marathon Oil Corpposted a better-than-expected adjusted quarterly profit on Wednesday, helped by rising crude prices and cost cuts, sending its shares up more than 2 percent in extended trading.

Marathon said it plans to raise spending this year slightly from 2017, while hewing closely to a strategy favoring shareholder returns, a topic getting rising attention in the U.S. shale industry.

“In 2018, we expect to improve corporate-level returns from our disciplined development capital program,” Chief Executive Lee Tillman said in a statement.  Read More…

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