(Reuters) – Oil and gas producer Marathon Oil Corp (MRO.N) beat analysts’ estimates for third-quarter profit on Wednesday, driven by higher crude prices and increased production.
The company said average realized prices for crude oil and condensate in the United States rose nearly 47 percent to $68.51 per barrel, on the back of concerns over U.S. sanctions on major oil supplier Iran.
Total production rose 13 percent to 419,000 barrels of oil equivalent per day (boe/d) in the reported quarter.
Reuters last month reported, citing a document, Marathon’s plans to sell its British North Sea oil and gas fields, joining several companies that have sought to pull out of the North Sea in recent years as they focus operations on rapidly expanding shale production in the United States.
On an adjusted basis, the company earned 24 cents per share, beating analysts’ estimates of 21 cents per share, according to IBES data from Refinitiv.
The company’s net income was $254 million, or 30 cents per share, in the quarter ended Sept. 30, compared with a net loss of $599 million, or 70 cents per share, a year earlier.
Reporting by Shanti S Nair in Bengaluru; Editing by Anil D’Silva and Shounak Dasgupta