February 14, 2018 / 9:58 PM / 3 months ago

Marathon Oil quarterly loss narrows on rising crude prices, cost cuts

HOUSTON, Feb 14 (Reuters) - U.S. oil producer Marathon Oil Corp said on Wednesday its quarterly loss narrowed sharply on rising oil prices and cost cuts.

For the fourth quarter, Marathon posted a net loss of $28 million, or 3 cents per share, compared to a net loss of $1.38 billion, or $1.62 per share, in the year-ago period.

Production in the quarter rose 12 percent to 383,000 barrels of oil equivalent per day (boe/d).

For the year, Marathon plans a capital budget of $2.3 billion. The company expects to pump 390,000 to 410,000 barrels of oil equivalent per day this year. (Reporting by Ernest Scheyder; Editing by James Dalgleish)

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