U.S. Markets closed

Marathon profit plunges as weak prices offset higher shale output

Nov 6 (Reuters) - Marathon Oil Corp reported a 44.5% fall in quarterly adjusted profit on Wednesday, as weak crude and gas prices offset higher output from its U.S. shale basins.

Adjusted net income fell to $111 million, or 14 cents per share, in the third quarter ended Sept. 30, from $200 million, or 24 cents per share, a year earlier.

The company, which also has operations in Equatorial Guinea, said total divestiture-adjusted net production averaged 425,000 barrels of oil equivalent per day (boepd), up from 399,000 boepd. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)