Marathon production rising; profits tumble

November 03, 2009

Marathon Oil says its third quarter profit plunged from a year ago when record-high prices sent gasoline prices over $4 per gallon.

Yet the company, based in Houston, said Tuesday that production rose this quarter and for the entire year compared with 2008.

The rising production numbers are in line with what other major oil and gas producers are reporting this quarter, as companies report major new finds and cut costs.

Rebounding prices for crude have helped.

Marathon said it made $413 million, or 58 cents per share, for the quarter ended Sept. 30, down from profit of $2.1 billion, or $2.90 per share, in the year ago quarter.

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