(Reuters) – Oil and gas firm Marathon Oil narrowly beat first-quarter profit estimates on Wednesday, helped by higher oil and liquefied natural gas (LNG) pricing.
Crude oil prices in the quarter mirrored prices from the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers such as Marathon Oil.
The Houston-based company said average price for crude oil and condensate in the United States was up about 1% at $75.39 per barrel (bbl) and international price was up 5.6% to $61.86 per bbl.
“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,” said CEO Lee Tillman.
Quarterly oil production was down 2.7% to 181,000 barrels per day (bpd), compared with a year earlier.
The company said January winter storms negatively affected its quarterly production by 4,000 net bopd, with the impact primarily concentrated in the Bakken.
The company said its average realized price for natural gas sold as LNG was $7.21 per million cubic feet (mmcf) in the reported quarter.
The company reported an adjusted profit of 55 cents per share for the quarter ended March 31, compared with analysts’ average estimate of 54 cents per share, according to LSEG data.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Alan Barona)
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