U.S. shale producer Marathon Oil Corp. reported a fourth straight quarterly loss on Nov. 4, as the COVID-19 pandemic hammered demand for fuel and dented crude prices.
U.S. oil prices have plunged 38% this year as the virus outbreak led to grounding of flights and brought economies to a standstill, but with the easing of coronavirus-induced curbs, demand has begun to pick up and crude prices have rebounded from historic lows.
However, the nascent recovery has since been threatened by new cases of virus infections and fresh lockdowns.
The company's total net production fell to 370,000 boe/d, from 426,000 boe/d a year earlier.
Marathon reported a loss of $317 million, or 40 cents per share, for the quarter ended Sept. 30, compared to a profit of $165 million, or 21 cents per share, a year earlier.
On an adjusted basis, the company lost 28 cents per share in the reported quarter.
Marathon is active in four of the oil-rich basins in the continental U.S.—the Bakken in the Williston Basin, the STACK and SCOOP plays within the Anadarko Basin, the Northern Delaware Basin in the Permian and the Eagle Ford Shale. The Houston-based company operates assets offshore Equatorial Guinea.
After consultations on Nov. 29 failed to reach agreement, sources said Russia suggested a possibility for OPEC+ to start increasing output by 500,000 bbl/d each month from January.
Oil prices rebound to new levels, Stratas Advisors says in its latest oil price forecast.
OPEC, Russia and others, a group known as OPEC+, hold their wider talks on Dec. 1, after informal discussions of key ministers on Nov. 29 had failed to reach a consensus on oil output cuts.