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Marathon Oil's 3Q income rises 26 percent

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November 4, 2013 06:58 PM EST | AP

HOUSTON (AP) — Marathon Oil Corp. said Monday that its third-quarter profit rose 26 percent as lower income taxes offset a decline in revenue.

The company's provision for income taxes fell to $787 million from $1.28 billion a year earlier.

Marathon's net production declined nearly 8 percent from the second quarter, with most of the drop-off due to lower production in Libya.

The company said production available for sale was expected to rise in the fourth quarter from third-quarter levels. It excluded Libya from the forecast because of uncertainty around production due to labor strikes at an oil terminal. Marathon said it doubled production in the Eagle Ford shale formation in Texas.

The Houston-based company said it was positioned to boost production by 5 percent to 7 percent a year through 2017.

Before the results, Marathon shares rose 23 cents to close at $35.50. In after-hours trading, they gained 72 cents to $36.22.

Net income in the third quarter was $569 million, or 80 cents per share, compared with year-ago profit of $450 million, or 63 cents per share. The company said that excluding losses on the sale of crude oil derivative investments and other items, it would have earned 87 cents per share. Revenue declined 6 percent to $3.91 billion.

Analysts expected 77 cents per share on revenue of $4.17 billion, according to a survey by FactSet.

Marathon's realized prices for U.S. crude and liquid hydrocarbons rose, while it got slightly less for U.S. natural gas than a year earlier.

The company's operations range from Texas and North Dakota to Kurdistan and Equatorial Guinea.