Marathon Oil profit tops analysts' estimates on higher production

HOUSTON - Marathon Oil on Wednesday posted a third quarter profit that fell 44% from a year ago as energy prices fell, but results beat Wall Street analysts' forecasts on higher than expected oil and gas production.

Marathon Oil also said it expects to post total oil and gas production and capital spending for the year at the higher end of previous guidance ranges. Adjusted third quarter profit was $466 million, or 77 cents a share, compared with the average analyst estimate of 71 cents per share, according to LSEG data. The company posted a profit of $832 million, or $1.24 per share, in the year-ago period.

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