HOUSTON, Jan 13 - Marathon Oil Corp (MRO.N) said on Wednesday its fourth-quarter refining margins will drop from a year earlier, while oil and natural gas output is expected to come in at the high end of its expectations.
Refining margins have been hurt worldwide as the cost of input, crude oil, outpaces demand for fuel.
For example on Monday, Marathon's larger peer Chevron Corp (CVX.N) said its refining margins in the fourth quarter would be "sharply lower."
Marathon, of Houston, estimates that its fourth-quarter refining gross margin will be about 1 cent per gallon, down from 12.48 cents per gallon a year earlier.
Marathon's total refinery throughput for the fourth quarter is expected to be about 1.19 million barrels per day (bpd), up from 1.18 million bpd in the same period a year earlier.
Oil and natural gas production available for sale during the fourth quarter is expected to be about 400,000 barrels oil equivalent per day (boepd), at the high end of Marathon's previous forecast for 385,000 to 405,000 boepd.
Shares of Marathon fell 49 cents, or 1.5 percent, to $31.76 in morning trade on the New York Stock Exchange.
Refining margins have been hurt worldwide as the cost of input, crude oil, outpaces demand for fuel.
For example on Monday, Marathon's larger peer Chevron Corp (CVX.N) said its refining margins in the fourth quarter would be "sharply lower."
Marathon, of Houston, estimates that its fourth-quarter refining gross margin will be about 1 cent per gallon, down from 12.48 cents per gallon a year earlier.
Marathon's total refinery throughput for the fourth quarter is expected to be about 1.19 million barrels per day (bpd), up from 1.18 million bpd in the same period a year earlier.
Oil and natural gas production available for sale during the fourth quarter is expected to be about 400,000 barrels oil equivalent per day (boepd), at the high end of Marathon's previous forecast for 385,000 to 405,000 boepd.
Shares of Marathon fell 49 cents, or 1.5 percent, to $31.76 in morning trade on the New York Stock Exchange.
