Marathon Oil Corp. on Aug. 5 reported an adjusted net loss of $477 million, or 60 cents per share, for the second quarter, down from adjusted net income of $189 million, or 23 cents per share, for the second quarter of 2019.
The S&P Capital IQ normalized consensus earnings estimate for the quarter was a loss of 64 cents per share.
On a GAAP basis, net loss was $750 million for the second quarter, compared to $161 million in net income for the second quarter of 2019. Revenues for the quarter totaled $272 million, down from $1.43 billion in the same quarter a year prior.
The adjustments to net loss for second quarter included a $152 million equity method investment impairment along with unrealized losses on derivative instruments and nonrecurring costs associated with organizational restructuring.
Net production came in at 390,000 barrels of oil equivalent per day in the second quarter, compared to 435,000 boe/d in the second quarter of 2019.