Marathon income down on slightly higher production - August 25, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2002

Vol. 7, No. 34

Week of August 25, 2002

Marathon income down on slightly higher production

Steve Sutherlin, PNA managing editor

Marathon Oil Corp. said July 25 it recorded second quarter 2002 net income of $193 million or 62 cents per diluted share, versus $93 million or $1.92 per diluted share in the second quarter of 2001. Results were adjusted in second quarter 2002 for special items primarily related to the early extinguishment of debt, while 2001 results for the period were adjusted for special items related to the separation of United States Steel Corp., Marathon said.

Revenues were $8.1 billion in the second quarter, compared with $9.2 billion in second quarter 2001.

Worldwide production was 424,200 barrels of oil equivalent per day in second quarter 2002, up from 411,000 boe per day in second quarter 2001.

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