Marathon Oil beats profit estimates on higher crude prices

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Nov 7 (Reuters) - Oil and gas producer Marathon Oil Corp beat analysts' estimates for third-quarter profit on Wednesday, driven by higher crude prices and increased production.

The company said average realized prices for crude oil and condensate in the United States rose nearly 47 percent to $68.51 per barrel, on the back of concerns over U.S. sanctions on major oil supplier Iran.

Total production rose 13 percent to 419,000 barrels of oil equivalent per day (boe/d) in the reported quarter.

On an adjusted basis, the company earned 24 cents per share, beating analysts' estimates of 21 cents per share, according to IBES data from Refinitiv.

The company's net income was $254 million, or 30 cents per share, in the quarter ended Sept. 30, compared with a net loss of $599 million, or 70 cents per share, a year earlier.

This article appears in: Fundamental Analysis , World Markets , Stocks , Oil , Commodities , Earnings
Referenced Symbols: MRO

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