OREANDA-NEWS. August 14, 2014. Marathon Oil Corporation (NYSE:MRO) reported second quarter of 2014 adjusted net income was USD 603 million, or USD 0.89 per diluted share, compared to adjusted net income in the second quarter of 2013 of USD 478 million, or USD 0.67 per diluted share.

During the quarter, Marathon Oil entered into an agreement to sell its Norway business, which is now reflected as discontinued operations. Adjusted income from continuing operations, which excludes Norway and Angola, for the second quarter of 2014 was USD 423 million, or USD 0.62 per diluted share, compared to adjusted income from continuing operations in the second quarter of 2013 of USD 293 million, or USD 0.41 per diluted share.

For the second quarter of 2014, net income was USD 540 million, or USD 0.80 per diluted share, compared to net income in the second quarter of 2013 of USD 426 million, or USD 0.60 per diluted share. Income from continuing operations, which excludes Norway and Angola, for the second quarter of 2014 was USD 360 million, or USD 0.53 per diluted share, compared to income from continuing operations in the second quarter of 2013 of USD 241 million, or USD 0.34 per diluted share.

Key Quarterly Highlights
Adjusted net income per diluted share increased to USD 0.89, up 33% from the year-ago quarter

Adjusted income from continuing operations per diluted share was USD 0.62, an increase of 51% from the year-ago quarter
 
Three high-quality U.S. resource plays averaged net production of 170,000 boed, up 29% from the year-ago quarter, with liquids production up more than 30%. On track for greater than 30% production growth year-over-year as supported by:

Pace of Eagle Ford wells to sales up 55% quarter-on-quarter, with 76 gross operated wells to sales

Enhanced completion design in Eagle Ford delivering strong early results; wells with 180-day cumulative production yielding on average 25% improvement relative to modeled type curves

Successful delineation of Austin Chalk/Upper Eagle Ford for co-development continues, with initial 15,500 net acres now delineated; three Austin Chalk/Upper Eagle Ford wells to sales during the quarter with nine additional wells being drilled, completed or awaiting first production

Bakken wells to sales up 73% quarter-on-quarter, with 19 gross operated wells to sales

Executed agreements to add approximately 30,000 net acres to Oklahoma resource position, increasing total acreage to more than 300,000 net acres

Continued strong performance in SCOOP; one additional SCOOP XL well (extended-reach lateral of 7,000-10,000 feet) brought to sales, with 30-day IP rate of 2,000 boed
 
Recorded 98% average operational availability for Company-operated assets
 
Reached definitive agreement to sell Norway business for total transaction value of USD 2.7 billion; expect to close in the fourth quarter
 
Repurchased approximately 13 million common shares at a cost of USD 449 million, completing announced USD 1.5 billion buyback; USD 1.5 billion remaining on share repurchase authorization
 
Increased quarterly dividend 11% to USD 0.21 per share