HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported third-quarter net income of $165 million.
The Houston-based company said it had net income of 21 cents per share. Earnings, adjusted for non-recurring gains, were 14 cents per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The energy company posted revenue of $1.35 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.26 billion.
Marathon Oil shares have decreased 15% since the beginning of the year, while the Standard & Poor's 500 index has climbed 23%. In the final minutes of trading on Wednesday, shares hit $12.19, a drop of 33% in the last 12 months.