US and Equatorial Guinea-focused Marathon Oil reported a major plunge in third-quarter profit, but still managed to beat analyst expectations due to a surge in oil and gas production, revenues from which are driving a “cash flow waterfall”.
Marathon’s adjusted third-quarter net income stood at $466 million, , although a significant increase from $257 million in the previous quarter.
Reuters, citing LSEG data, said this quarterly profit equated to 77 cents per share, compared with the average analyst estimate of 71 cents per share.
