For Q3 2007, net income adjusted for special items was $1.02 billion, or $1.48 per diluted share. For the third quarter of 2006, net income adjusted for special items was $1.54 billion, or $2.15 per diluted share.
Total segment income was $1.01 billion in the third quarter of 2007, compared with $1.6 billion in the third quarter of 2006. Upstream segment income totaled $479 million in the third quarter of 2007, compared to $572 million in the third quarter of 2006. Sales volumes during the quarter averaged 371,000 barrels of oil equivalent per day (boepd) and production available for sale averaged 373,000boepd.
Clarence Cazalot Jr, president and CEO, said: While our upstream business benefited from the increase in crude oil prices, it was a challenging third quarter for the downstream segment as the significant increase in crude costs compressed margins. Despite near-term volatility, Marathon continues to invest in profitable, long-term growth opportunities.
