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- Marathon Oil is predicted to announce adjusted earnings per share of $0.61 in the first quarter, compared to $1.78 in the prior year.
- Revenue might decline to $1.7 billion for the second quarter in a row.
- Marathon is forecast to boost output, although the benefits will most likely be offset by lower oil prices compared to 2022.
According to analyst predictions provided by Visible Alpha, Marathon's net income may drop by more than 70%, to around $384 million, for an adjusted earnings per share (EPS) of $0.61, compared with $1.3 billion, or $1.78 a share, in the prior-year quarter. This would be in comparison to the company's profits of $1.3 billion, or $1.78 a share. It is possible that annual revenue may decrease by about 5%, falling to $1.7 billion for the first time since the middle of 2021.
Marathon will release profits after the markets close on Wednesday.
Despite unprecedented price volatility and the Ukraine conflict, major oil corporations' yearly revenues more than quadrupled last year to $219 billion.3 However, falling fuel demand in Asia and Europe late in the year depressed prices, and oil and gas businesses will face less favorable circumstances in 2023.
Despite the adverse climate, Marathon is predicted to have increased its output in the fourth quarter. Analysts predict that total crude oil and condensate volume would exceed 186 million barrels per day in the first quarter, up from 166 million a year ago. Natural gas output is predicted to increase as well, from 626 million cubic feet per day last year to around 727 million cubic feet per day this year.
Marathon Oil shares are down approximately 4% in the past year, while the benchmark S&P 500 Energy Sector Index has up around 11%.
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