February 12, 2020 / 9:40 PM / 6 days ago

Marathon Oil quarterly adjusted profit plunges 54.5%

Feb 12 (Reuters) - Marathon Oil Corp reported a 54.5% fall in quarterly adjusted profit on Wednesday, as weak oil and gas prices more than offset gains from robust U.S. shale production.

The company’s adjusted income fell to $55 million, or 7 cents per share, in the fourth quarter ended Dec. 31, from $121 million, or 15 cents per share, a year earlier.

U.S. production rose to 328,000 barrels of oil equivalent per day (boe/d) from 306,000 boe/d. (Reporting by Arundhati Sarkar and Sanjana Shivdas in Bengaluru; Editing by Vinay Dwivedi)

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