{"id":33229,"date":"2023-05-03T22:49:48","date_gmt":"2023-05-03T22:49:48","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/marathon-oil-beats-first-quarter\/"},"modified":"2023-05-03T22:55:42","modified_gmt":"2023-05-03T22:55:42","slug":"marathon-apa-profits-beat","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/marathon-apa-profits-beat\/","title":{"rendered":"Marathon, APA profits beat on higher oil price, tighter supply"},"content":{"rendered":"<p>(Reuters) -U.S. shale oil producers Marathon Oil Corp and APA Corp on Wednesday topped Wall Street&#8217;s first-quarter profit estimates on strong crude prices and demand.<\/p>\n<p>Shares of APA rose 2% in extended trade on a pledge to reduce spending on new production this year, while Marathon fell 3% after promising to retain its output and spending plans.<\/p>\n<p>Global energy markets have been volatile during the first quarter, falling nearly 20% from last year, but supply tightness following sanctions on Russian crude have kept prices at levels which are encouraging oil and gas producers to increase their output.<\/p>\n<p>&#8220;Our oil production exceeded expectations in the first quarter, and we plan to focus on oil-driven activity,&#8221; APA Chief Executive John Christmann IV said in a statement.<\/p>\n<p>APA lowered its full-year capital spending estimate to about $1.9 billion from about $2 billion, citing a decrease in natural gas output. Gas prices have collapsed this year. <\/p>\n<p>Total oil production rose 4% in the January-March quarter to 197,185 barrels per day (bpd).<\/p>\n<p>Rival Marathon said its quarterly oil production increased 10.7% to 186,000 bpd. It forecast second-quarter oil production of about 190,000 bpd, or around the mid-point of its full-year outlook.<\/p>\n<p>Marathon posted adjusted income of 67 cents per share, beating analysts&#8217; average estimate of 60 cents, according to Refinitiv data.<\/p>\n<p>APA&#8217;s adjusted earnings of $1.19 per share topped the consensus estimate of $1.03.<\/p>\n<p> (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel and Richard Chang)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/marathon-apa-profits-beat\/file-photo-a-marathon-oil-well-site-at-the-eagle\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420X2-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420X2-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -U.S. shale oil producers Marathon Oil Corp and APA Corp on Wednesday topped Wall Street&#8217;s first-quarter profit estimates on strong crude prices and demand. Shares of APA rose 2% in extended trade on a pledge to reduce spending on new production this year, while Marathon fell 3% after promising to retain its output and [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":33230,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-33229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420X2-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=33229"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33229\/revisions"}],"predecessor-version":[{"id":33363,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33229\/revisions\/33363"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/33230"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=33229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=33229"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=33229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}