Marathon Oil Corp. on May 6 reported an adjusted net loss of $125 million, or 16 cents per share, for the first quarter, down from the adjusted net income of $256 million, or 31 cents per share, posted for the first quarter of 2019.
The S&P Global Market Intelligence normalized consensus earnings estimate for the quarter was a loss of 15 cents per share.
On a GAAP basis, net loss was $46 million for the first quarter, compared to $174 million in net income for the first quarter of 2019. Revenues for the quarter totaled $1.23 billion, up from $1.20 billion during the same quarter a year prior.
Net production came in at 422,000 barrels of oil equivalent per day in the first quarter, compared to 372,000 boe/d for the first quarter of 2019.
"In addition to the previously announced $1.1 billion reduction to our 2020 capital budget, we also expect to reduce our annualized cash costs by $350 million," said Marathon Oil Chairman, President and CEO Lee Tillman.
Marathon Oil plans to take a number of cost-saving measures, including salary cuts for senior management, decreases to board compensation, and reductions in its U.S. employee and contractor workforce. The company is also temporarily suspending its quarterly dividend and share repurchase program.