Marathon down after spin-off

Marathon Oil

Eoin O'Cinneide

 06 February 2013 12:54 GMT

Marathon Oil has seen its full-year net profit slump following the spinning off of its refining and transportation division in 2011.

The Houston-based independent giant has, however, forecast a growth of up to 8% in production this year, although Libya is excluded on account of "uncertainty in production levels".

Net profit for the 12 months to the end of December was $1.58 billion as compared with $2.95 billion in 2011.

Adjusted income from continuing operations sank from $2.29 billion to $1.74 billion while Marathon took increased impairments of $231 million as against $195 million.

Total production available for sale, however, rose from 395,000 barrels of oil equivalent per day to 427,000 boepd, excluding Libya.

Marathon aims…

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