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Local News

Friday, October 31, 2008

Profits double at Marathon Oil
Findlay Inn & Conference Center -Downtown Findlay
By LOU WILIN

STAFF WRITER

Marathon Oil Corp.'s third quarter profit more than doubled from a year ago, boosted by higher oil and natural gas prices and increased sales.

Net income for July through September totaled $2.1 billion, or $2.90 per diluted share, up from $1 billion, or $1.49 per diluted share a year earlier, the company reported Thursday.

The diluted share price takes into account the number of common shares that may not be on the open market now, but could be issued in the future.

Total revenue rose 38 percent in the third quarter to $23.45 billion.

"Despite volatility in the marketplace, Marathon delivered outstanding operational and financial results across all our business segments in the third quarter 2008," said Marathon Oil President Clarence Cazalot Jr.

The exploration and production segment had $939 million in income, up 96 percent from $479 million a year earlier. Rising prices for petroleum-based liquids drove the increase.

The segment also sold more, averaging 379,000 barrels of oil equivalent per day compared with 371,000 in the third quarter of 2007.

Marathon's oil sands mining operations in Alberta, Canada, purchased in October 2007, generated $288 million income in the third quarter.

Refining, marketing and transportation also fared well. The segment's income was $771 million, a 60 percent increase from a year earlier.

The company said its gross refining and wholesale marketing margin was 25.19 cents a gallon in the third quarter, compared with 17.17 cents a gallon from the same quarter in 2007.

Those margins reflect the difference between the cost of crude and what the company makes on refined products such as gasoline, diesel, kerosene and others.

Refining and marketing sold about 6 percent less in refined products.

But reduced prices at the fuel pump have spurred a "marked" increase in demand in the last three weeks, said Marathon Petroleum President Gary Heminger.

For the first nine months of 2008, the company's net income totaled $3.56 billion or $5 per diluted share, compared to $3.28 billion or $4.77 per diluted share a year earlier.

Total revenue for the nine months was $63.77 billion versus $46.84 billion a year ago.

Like some other producers, Marathon said it expects its 2009 capital spending budget to be about 15 percent lower than 2008. Companies are scaling back on some projects because of the uncertain economic environment for the rest of 2008 and 2009.

Marathon said it also is still considering a split into two separate companies, one focused primarily on exploration and production and the other on refining and marketing.

The company announced last quarter it had been considering a split for several months, and it said Thursday a decision is expected by year's end.

Wilin: 419-427-8413,

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4 Comments

Latest comments listed first.
city worker wrote:
c
“ what crap jeff dig deeper ”
Friday, October 31, 2008 5:57:36 PM
jeff wrote:
City Woker
“ Go back and see how much money Marathon has given since the flood....
See how much their employees give to UW, plus the countless hrs of their employee tims to charity, and oh by the way, they also have given a lot to the Diamonds sports plex and to the hospital as well.....We need to be thankful that this company is doing so well, and supports this community. Oh by the way your wages come from this city income tax that their employees pay.
So lets say thank you to Marathon. ”
Friday, October 31, 2008 4:17:46 PM
Debra wrote:
profits for Marathon Oil
“ Duh..with gas at almost 5 bucks a gallon for months of course they made HUGE profits..this is a smack in our face..why when most are struggling to keep their homes would you print such a story! ”
Friday, October 31, 2008 8:24:49 AM
city worker wrote:
give back
“ ok good how the first millon cash for flood in findlay,, seems like the right thing to do,, ”
Friday, October 31, 2008 6:20:29 AM
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News Briefs Work scheduled on Findlay streets
Findlay's Main Street, northbound, will be reduced at times to one lane between 8 a.m. and 5 p.m. for waterline connection.

Main Street will not be accessible from East Lincoln Street. Lincoln Street will be closed to through traffic from South Main Street to South Blanchard Street from 8 a.m. to 5 p.m. for continued improvement work. Access to local businesses and residents only will be maintained.

Recount planned in trustee's race
OTTAWA -- After certifying election results on Wednesday, the Putnam County Board of Elections has announced a recount will be required for the Union Township trustee race, according to Deputy Director Shelly Burkhart.

The recount will be completed on Wednesday at the county elections board office, 336 E. Main Street, Ottawa.

Incumbent Daniel R. Ellerbrock has secured his position on the board, earning 685 votes. However the remaining trustee spot will require a recount as Gery P. Wurth earned 598 votes and Mark J. Kahle collected 601 votes, according to official results.

An automatic recount is necessary if the margin is within one-half of 1 percent of total votes cast, according to state law.

Road to be closed
Forest Lake Drive, between Marion Township 237 and Indian Lake Drive/Forest Lane, will be closed today for a pipe installation.

The road is expected to open by 5 p.m., weather permitting.

Motorists are advised to use Township 242.