(Reuters) – Marathon Oil Corp on Wednesday topped first-quarter profit estimate, as crude prices traded at elevated levels amid tight supplies and higher demand and increased production.
U.S. WTI crude averaged $75.75 a barrel in the January-March quarter, 20% lower than multi-year high levels reached in 2022 Russia’s invasion of Ukraine upended global oil markets, but still at elevated levels where drilling for oil and gas is profitable.
Marathon said average realized price stood at $74.69 per barrel, down from last year’s $94.43 per barrel.
Total net production rose to 396,000 barrels of oil equivalent per day (boepd) from last year’s 345,000 boepd.
The Houston, Texas-based oil and gas producer posted adjusted income of 67 cents per share for the three months ended March 31, compared with the average analyst estimate of 60 cents per share, according to Refinitiv data.
(Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)
