Marathon Oil Corp. reported yesterday that it expects Q1 selling prices for crude oil and natural gas to be lower and sales volumes of refined products to be weaker than they were in the year-ago period.
The company is forecasting Q1 production sold at approximately 338,000 barrels of oil equivalent per day [boepd] against 348,000 boepd in Q1 2006 and 357,000 boepd in Q4. Crude prices were lower in Q1 than they were in Q4 or a year ago: the company's oil and liquids in the U.S. market averaged about $47.99 a barrel, down from $49.30 in Q1 last year and $48.33 in Q4.
Natural gas prices averaged $5.69 per thousand cubic feet in the U.S. market, up from the Q4 average of $5.36 but down about $1 from Q1 last year. Marathon's lower sales volume forecast -- from 1.4 million boepd a year ago to about 1.3 million boepd in Q1 -- is attributable to a change in accounting methods. Analysts are forecasting Q1 EPS of $2.08. Marathon's shares hit a 52-week high of $104.23 before settling at $104.10, up $1.31. The company will report Q1 results on May 1.
The company is forecasting Q1 production sold at approximately 338,000 barrels of oil equivalent per day [boepd] against 348,000 boepd in Q1 2006 and 357,000 boepd in Q4. Crude prices were lower in Q1 than they were in Q4 or a year ago: the company's oil and liquids in the U.S. market averaged about $47.99 a barrel, down from $49.30 in Q1 last year and $48.33 in Q4.
Natural gas prices averaged $5.69 per thousand cubic feet in the U.S. market, up from the Q4 average of $5.36 but down about $1 from Q1 last year. Marathon's lower sales volume forecast -- from 1.4 million boepd a year ago to about 1.3 million boepd in Q1 -- is attributable to a change in accounting methods. Analysts are forecasting Q1 EPS of $2.08. Marathon's shares hit a 52-week high of $104.23 before settling at $104.10, up $1.31. The company will report Q1 results on May 1.
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