Nov 4 (Reuters) - U.S. shale producer Marathon Oil Corp reported a fourth straight quarterly loss on Wednesday, as the COVID-19 pandemic hammered demand for fuel and dented crude prices.
U.S. oil prices have plunged 38% this year as the virus outbreak led to grounding of flights and brought economies to a standstill, but with the easing of coronavirus-induced curbs, demand has begun to pick up and crude prices have rebounded from historic lows.
However, the nascent recovery has since been threatened by new cases of virus infections and fresh lockdowns.
The company’s total net production fell to 370,000 barrels of oil equivalent per day (boepd), from 426,000 boepd a year earlier.
Marathon reported a loss of $317 million, or 40 cents per share, for the quarter ended Sept. 30, compared to a profit of $165 million, or 21 cents per share, a year earlier.
On an adjusted basis, the company lost 28 cents per share in the reported quarter. (Reporting by Shradha Singh in Bengaluru; Editing by Vinay Dwivedi and Shounak Dasgupta)
Our Standards: The Thomson Reuters Trust Principles.