Revenue during the quarter dropped 5.83 percent to $1,389 million from $1,475 million in the previous year period. Gross margin for the quarter expanded 261 basis points over the previous year period to 95.97 percent. Operating margin for the quarter period stood at positive 3.82 percent as compared to a negative 61.97 percent for the previous year period.

Operating income for the quarter was $53 million, compared with an operating loss of $914 million in the previous year period.

"Despite challenging market conditions throughout 2016, we executed on our objectives of living within our means inclusive of non-core asset sales, while lowering costs and strengthening our balance sheet. We finished the year above the midpoint of E&P production guidance while spending significantly less than our original capital budget," said Marathon Oil President and Chief executive officer Lee Tillman. "We’re entering 2017 with a simplified portfolio more concentrated on our high-return, low-cost opportunities in the U.S. resource plays. Our $2.2 billion capital program accelerates sequential resource play production growth to the second quarter while providing exit rate momentum that positions us to deliver compound annual growth rates of 10-12 percent for total Company, excluding Libya, and 18-22 percent for our resource plays through 2021. Importantly, these production growth ranges apply to both oil as well as BOE, and we can achieve them within cash flows."