OREANDA-NEWS. May 15, 2014. Marathon Oil Corporation (NYSE:MRO) USD reported first quarter of 2014 adjusted net income was USD 613 million, or USD 0.88 per diluted share, compared to adjusted net income in the first quarter of 2013 of USD 361 million, or USD 0.51 per diluted share. For the first quarter of 2014, net income was USD 1.149 billion, or USD 1.65 per diluted share, compared to net income in the first quarter of 2013 of USD 383 million, or USD 0.54 per diluted share.

Key Quarterly Highlights
Adjusted net income per diluted share increased to USD0.88, up 73% from year-ago quarter

Adjusted net income increased to USD613 million, up 70% from year-ago quarter

Three high-quality U.S. resource plays averaged net production of 154,000 boed, up 26% from year-ago quarter

Eagle Ford downspacing results continued to consistently outperform modeled type curves

Austin Chalk and Eagle Ford co-development continuing on plan with completion of first 2014 Austin Chalk well at a 30-day IP rate of 1,600 boed

Bakken and Three Forks co-development progressing with high density pilots delivering strong results; testing eight wells per 1,280-acre drilling spacing unit

Bakken re-completions program delivered five wells with initial 24-hour and 30-day IP rates exceeding expectations

SCOOP extended-reach (XL) wells delivering strong results with two wells at 30-day IP rates of up to 1,550 boed

Recorded 97% average operational availability for Company-operated assets

Marketing of North Sea businesses on schedule; bids due in second quarter

Closed on sales of Angola Blocks 31 and 32 for aggregate cash proceeds of approximately USD2 billion, resulting in after-tax gain of USD 576 million, or USD 0.83 per diluted share 

Completed second phase of USD 1 billion share repurchase; initiated and substantially completed additional USD 500 million share repurchase.