Marathon Oil Corporation (MRO) saw its loss widen to $4,957 million, or $5.84 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $407 million, or $0.56 a share. On the other hand, adjusted net loss for the quarter narrowed to $57 million, or $0.07 a share from a loss of $317 million or $0.43 a share, a year ago. Revenue during the quarter surged 88.07 percent to $1,072 million from $570 million in the previous year period. Gross margin for the quarter expanded 490 basis points over the previous year period to 96.83 percent. Operating margin for the quarter period stood at positive 5.78 percent as compared to a negative 93.68 percent for the previous year period.
Operating income for the quarter was $62 million, compared with an operating loss of $534 million in the previous year period.
"We’re off to a strong start in 2017, highlighted by our transformative portfolio moves to enter the Northern Delaware basin and exit the Canadian oil sands," said Marathon Oil President and Chief executive officer Lee Tillman. “With solid operational execution and strong well results in the first quarter, we held production flat sequentially in the resource plays, and are well positioned to resume high-return production growth there in the second quarter. We're on track to deliver our 2017 capital program, having ramped up resource play activity from 12 to 20 rigs in the first quarter. We've also raised production guidance to reflect our Northern Delaware acquisitions.”
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