Marathon Oil Corporation (NYSE:MRO) this morning reported a net loss of -$41 million (EPS of -$0.06) on revenue of $14.8 billion for the fourth quarter of 2008. Adjusted income, which excludes certain items including a $1.4 billion non-cash impairment charge, totaled $1.03 billion (EPS of $1.44). Analysts had expected EPS of $0.90 and revenue of $13.32 billion.
Marathon took a non-cash, after-tax impairment charge of $1.44 billion,removing all of its oil sands mining segment’s goodwill and partiallyreducing equity in two ethanol plants.
The company also announced that it was shelving plans to split intoseparate upstream and downstream businesses. Marathon’s president andCEO said that given the current state of the economy, "[I]t is in thebest interest of our shareholders to remain a fully integrated energy company." Marathon has been considering the breakupsince July, but probably not too seriously once crude prices tanked.
Marathon shares are trading down about 1% this morning, off about 52% from 52-week highs.
Paul Ausick
February 3, 2009
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