NEW YORK - Marathon Oil Corp on Wednesday said its second-quarter oil and gas production was slightly higher than it had previously forecast, but was still below first-quarter levels.
The oil producer and refiner also said its refining margins fell sharply from last year due to weakness in the Midwest and Gulf Coast markets.
The company said oil and gas production available for sale in the quarter is expected to average about 372,000 barrels of oil equivalent per day (boepd), above its forecast of between 355,000 and 370,000 boepd for the quarter. It produced 375,000 boepd in the first quarter.
Marathon estimates it sold 356,000 boepd in the quarter.
The company's average domestic price for a barrel of oil in April and May rose to $105.29, up from $83.98 in the first quarter and $55.19 in the second quarter last year.
Its international oil price rose to $106.41 in those two months compared with $61.02 in the second quarter of 2007.
Houston-based Marathon said its refining and marketing gross margin fell about 78 percent from last year to about 8.5 cents per gallon.
It said its refined products sales volumes will fall to 1.37 million barrels per day in the quarter from 1.43 million barrels per day last year.
The oil producer and refiner also said its refining margins fell sharply from last year due to weakness in the Midwest and Gulf Coast markets.
The company said oil and gas production available for sale in the quarter is expected to average about 372,000 barrels of oil equivalent per day (boepd), above its forecast of between 355,000 and 370,000 boepd for the quarter. It produced 375,000 boepd in the first quarter.
Marathon estimates it sold 356,000 boepd in the quarter.
The company's average domestic price for a barrel of oil in April and May rose to $105.29, up from $83.98 in the first quarter and $55.19 in the second quarter last year.
Its international oil price rose to $106.41 in those two months compared with $61.02 in the second quarter of 2007.
Houston-based Marathon said its refining and marketing gross margin fell about 78 percent from last year to about 8.5 cents per gallon.
It said its refined products sales volumes will fall to 1.37 million barrels per day in the quarter from 1.43 million barrels per day last year.
