Marathon Oil earnings climb on oil prices
HOUSTON (AP) - Marathon Oil says its first-quarter profit rose 62 percent as higher oil prices offset losses in the company's refining business.
Marathon said Tuesday that it made $457 million, or 64 cents per share, for the quarter ended March 31 compared with $282 million, or 40 cents per share, in the year-ago quarter.
Including one-time charges, the company would have made $315 million, or 44 cents per share, in the quarter compared with $240 million, or 34 cents per share, a year ago.
Like other integrated oil companies, Marathon has been helped by skyrocketing oil prices. But their refining businesses have suffered because of weak demand for fuel.