Marathon Oil Company's profits have risen sharply

According to a Reuters report on May 6, the introduction of the new crown pneumonia vaccine and the relaxation of travel restrictions have pushed oil prices to rebound.

At the beginning of 2020, the epidemic severely hit fuel demand, and since then, crude oil prices have risen by at least one-third this year.

Marathon Petroleum said that the average US crude oil price in the first quarter rose from 39.

Last week, the company became the latest oil producer to raise its quarterly dividend, increasing the dividend from 3 cents to 4 cents per share, while also repaying $500 million in debt.

At the same time, APA said that the total average oil price rose to US$59.

APA warned that its international production was affected due to the extension of the production sharing contract related to the increase in actual oil prices in Egypt and the maintenance shutdown period in the North Sea.

Marathon Petroleum said that the adjusted earnings in the first quarter were US$166 million, or a surplus of US$0.

According to data from Refinitiv IBES, this exceeds the average analyst forecast of 11 cents per share.

APA announced an adjusted profit of 91 cents per share, higher than the expected 66 cents.

In addition, smaller rivals Whiting Petroleum and Callon Petroleum both reported smaller losses.

Wang Jiajing excerpted and translated from Reuters

The original text is as follows:

Marathon Oil, APA profits beat as crude prices recover from pandemic lows

US oil and gas producers Marathon Oil Corp (MRO.

Crude prices are up at least a third this year, after the pandemic hammered fuel demand at the start of 2020.

Marathon said first-quarter US average realized price for crude rose to $55.

The company last week became the latest oil producer to raise its quarterly dividend, increasing it to 4 cents per share from 3 cents per share while also redeeming $500 million in debt.

Meanwhile, APA said its total average oil price rose to $59.

　　Its first-quarter reported production fell to 382,000 boepd from 411,000 boepd, sequentially.

　　The company warned last month its international output was hit because of production sharing contracts associated with higher realized oil prices in Egypt and extended maintenance downtime in the North Sea.

　　Marathon said first-quarter adjusted income stood at $166 million, or 21 cents per share, compared with a loss of $98 million, or 12 cents per share, in the fourth.

　　This beat the average analyst estimate of 11 cents profit per share, according to Refinitiv IBES.

　　APA posted an adjusted profit of 91 cents per share, topping estimate of 66 cents.

　　Smaller rivals Whiting Petroleum (WLL.
N) and Callon Petroleum (CPE.
N) both posted smaller losses, sequentially.