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Marathon profit grows with production

US independent sees higher US oil production driven by Eagle Ford and Bakken

Marathon Oil reported a higher second-quarter profit compared to 2018 as it grew its production, driven by gains in the US.

The company posted an adjusted net income of $189 million, or 23 cents per share, compared to $126 million in the prior-year quarter. Minus special items including a loss on asset disposals and a gain on derivative instruments, the second-quarter net income was $162 million compared to $96 million one year ago.

The company produced 435,000 barrels of oil equivalent per day during the quarter, 332,000 of which was contributed by US operations. In the second quarter of 2018, Marathon pumped 419,000 boepd, 298,000 of which came from the US.

In terms of oil production, Marathon averaged 218,000 net bopd during the second quarter, up 14% from the year-ago quarter. Marathon's US assets produced 192,000 bopd, 17% higher than in the second quarter of 2018.

Marathon's assets in the Eagle Ford shale of Texas and the Bakken shale of North Dakota fueled the company's US production growth. Eagle Ford production averaged 109,000 net boepd, while the company's Bakken output averaged 104,000 net boepd.

The company forecasts total US oil production for the third quarter to reach between 190,000 and 200,000 net bopd. Internationally, Marathon expects to pump between 12,000 and 16,000 net bopd.

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