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Local News

Friday, October 31, 2008

Profits double at Marathon Oil
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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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Benton Ridge Shooting

This video, released by the Hancock County Prosecutor's Office, shows the shooting of a Lima man who led authorities on a three-county chase ending Aug.24 in Benton Ridge. Be cautioned, the video contains graphic content.
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News Briefs Firefighters discover 20 marijuana plants in house
After fighting a house fire early Monday at 815 Howard St., firefighters found 20 marijuana plants in the residence.

"They ran across it and called us," said police Sgt. Justin Hendren with the Hancock County METRICH Drug Enforcement Unit.

Police seized all 20 plants, and Hendren said charges are pending.

High-powered growing lights, fans, and a box filled with dried marijuana were also found in the house, according to a police report.

Investigators said an electrical short started the fire before 3 a.m. Monday.

The blaze caused an estimated $12,000 in damage to the residence, owned by Amanda Crawford. No one was injured, according to the Findlay Fire Department.

Carey announces holiday closing
CAREY -- Carey offices, including administrative, income tax and utilities, electric, wastewater treatment plant, and public works, will be closed Monday in observance of Labor Day.

The curbside recycling program will be held Tuesday through Thursday, Sept. 7-9.

Findlay trooper named sergeant
Trooper Jacob L. Fletcher, assigned to the Findlay post of the State Highway Patrol, was promoted to sergeant Wednesday by Patrol Superintendent Col. David Dicken.

With the promotion, Fletcher will stay at the Findlay post and serve as an assistant post commander, according to the patrol.

Fletcher began his patrol career in 2002 after graduating from the 139th Academy class and has been assigned to the Findlay post since.

Owens announces holiday schedule
The Toledo and Findlay campuses of Owens Community College will be closed Saturday through Monday for the Labor Day holiday.

There will be no classes and the college offices will be closed.

Classes will resume and offices will open again on Tuesday.

Holiday changes ad deadlines
The Courier won't be published on Monday, in observance of the Labor Day holiday.

Because of the holiday, some advertising deadlines have been moved up this week:

Black and white display advertising for Tuesday's newspaper must be placed by noon Friday. Display advertising for Wednesday's newspaper must be placed by 2:30 p.m. Friday.

Color display advertising for the Thursday, Sept. 9 newspaper must be placed by Friday.

Classified advertising and City and Country advertising for Saturday's newspaper must be placed by 2 p.m. Friday. Classified ads for Tuesday's newspaper must be placed by 2:30 p.m. Friday.

Courier business and advertising offices will close at 3 p.m. Friday for the holiday.