The following excerpts are from the Q1 2010 report released today by Marathon Oil Co. Click here to read the full report.
Marathon Oil Corporation (NYSE:MRO) today reported first quarter 2010 net income of $457 million, or $0.64 per diluted share. Net income in the first quarter of 2009 was $282 million, or $0.40 per diluted share. For the first quarter of 2010, net income adjusted for special items was $315 million, or $0.44 per diluted share, compared to net income adjusted for special items of $240 million, or $0.34 per diluted share, for the first quarter of 2009.
In the North Dakota Bakken Shale play, the Company added approximately 14,000 net acres during thequarter, bringing its total acreage holdings to approximately 350,000 net acres. Marathon currently has four drilling rigs operating in the play, with plans to add a fifth during the second quarter. Current net production amounts to approximately 11,000 boepd, compared to 8,500 boepd at the end of the first quarter 2009.
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