Production gains push up Marathon earnings

Increasing  production helped Marathon Oil Corp. boost its profit 8 percent in the second quarter, the company reported Tuesday.

The Houston-based independent oil and gas company reported net income of $426 million, up from $393 million in the second quarter of 2012.

The results, released after U.S. stock markets closed,  came amid a 24 percent jump in sales volumes in the April-June quarter compared with the same period a year ago. Marathon’s net sales averaged 506,000 barrels of oil equivalent per day during the second quarter of 2013, up from 407,000 in the same period a year earlier.

It reported revenue of $3.4 billion during the quarter, compared with $3 billion a year ago.

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Marathon’s crude oil sales jumped to 126,000 barrels per day, from 85,000 barrels a year earlier. The majority of the growth came from the Eagle Ford region, where sales volumes grew to 50,000 barrels per day.from 16,000 barrels per day last year. Eagle Ford natural gas production also jumped.

While the amount Marathon received  for a barrel of crude jumped nearly $5 in the United States, to $93.75, its  per-barrel price for liquid hydrocarbons sold in Europe fell to  $100 a barrel from $104.82 during the second quarter of 2012.