Marathon profit edges higher, tops Street view
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HOUSTON (Reuters) - Marathon Oil Corp said on Thursday first-quarter earnings edged up 2 percent, surpassing Wall Street estimates, as profits from record oil prices outweighed weak margins at its refining business.Benchmark U.S. oil prices averaged a record of close to $98 a barrel during the quarter, up nearly 70 percent from a year earlier, but refiners struggled to push through the full price increase to customers.Net income rose to $731 million from $717 million a year earlier. Earnings per share fell by a penny, to $1.02, because of an increase in shares outstanding.Adjusted for special items, earnings were $1.07 per share, well above analysts' average forecast of 82 cents, according to Reuters Estimates.Planned maintenance at two refineries hurt downstream margins, the Houston-based company said.Income at Marathon's exploration and production unit climbed 78 percent to $684 million due to higher liquid hydrocarbon prices.The company's refining, marketing and transportation unit reported a loss of $75 million, compared with a profit of $345 million a year earlier.Shares of Marathon climbed 2 percent, or 92 cents, to $46.49 in morning trading on the New York Stock Exchange.(Reporting by Anna Driver; editing by John Wallace) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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