Marathon Oil Corp on Wednesday said its third-quarter oil and gas production will be lower than the previous quarter, but at the high end of its expectations.
Oil and gas production available for sale from continuing operations during the third quarter is expected to be about 395,000 barrels oil equivalent per day (boepd), in line with the company's forecast for output of 380,000 to 400,000 boepd.
In the 2009 second quarter, the Houston company had output of 411,000 boepd.
The company said average prices for oil showed improvement in the first two months of the current quarter compared with the 2009 second quarter.
Marathon estimates its refined products sales will average about 1.4 million barrels per day (bpd), about flat with the same period a year earlier.
Its refineries are expected to process 1.2 million bpd in the third quarter, up from 1.14 million bpd in the third quarter of 2008.
Shares of the company were flat with the New York Stock Exchange close of $31.97 in after-hours trading. (Reporting by Anna Driver in Houston)