Marathon Oil has reported a net loss of $41 million, or $0.06 per diluted share, for the fourth quarter of 2008, compared to a net income of $668 million, or $0.94 per diluted share, for the same period of 2007. The 2008 results include a non-cash $1.4 billion impairment of goodwill related to the oil sands mining segment.
According to the company, for the fourth quarter of 2008, net income adjusted for special items was $1.02 billion, or $1.44 per diluted share, compared to net income adjusted for special items of $500 million, or $0.70 per diluted share, for the same quarter of 2007.
Marathon Oil has reported net income of $3.53 billion, or $4.95 per diluted share, for 2008, compared to $3.96 billion, or $5.69 per diluted share, for 2007.
The company has reported a net income adjusted for special items of $4.63 billion, or $6.47 per diluted share, for 2008, compared to $3.77 billion, or $5.43 per diluted share, for the year 2007.
Clarence Cazalot Jr, president and CEO of Marathon Oil, said: “The fiscal 2008 was a year of market volatility with record high crude prices at midyear, followed by steep decline in crude prices.”
Operating across the globe, Marathon is an integrated energy company – applying technologies to discover and develop energy resources, providing products to the marketplace and delivering value to all of the company’s stakeholders.
