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    Marathon Oil Reports Second-Quarter Results

    While record refining utilization rate is reported, the company experienced drops in net income and revenue.

    HOUSTON -- Marathon Oil Corp., operator of the Speedway SuperAmerica convenience store chain based here, experienced drops in its second quarter of fiscal 2007 results, including net income and revenues.

    Net income for the company's second quarter totaled $1.55 billion, compared to $1.74 billion in the second quarter of 2006. However, for the second quarter of 2007, net income adjusted for special items reached $1.54 billion, while net income adjusted for special items in the second quarter of 2006 was $1.51 billion, the company stated.

    Special one-time items in the second quarter of 2007 included a gain on the sale of discontinued operations, and losses from long-term U.K. natural gas contracts and early extinguishment of debt, according to the company.

    Revenues for the company's second quarter totaled $16.8 billion, short of the $18.2 billion seen in the second quarter of 2006.

    However, the company's refining segment reached new records in the quarter.

    "Marathon's second quarter was marked by exceptional operating performance in our refineries, allowing the company to achieve a record refinery utilization rate of 110 percent and to realize record crude oil and total refinery throughputs during the quarter," Clarence P. Cazalot, Jr., Marathon president and CEO, said in a written statement. "This allowed us to capture the improved refining and wholesale gross marketing margins and stronger pricing seen in the market during the second quarter."

    In the company's retail division, it achieved a 0.9-percent increase in same store gasoline sales volume, while merchandise sales revenue increased 3.4 percent at Speedway SuperAmerica stations. Speedway SuperAmerica's gasoline and distillate gross margin averaged approximately 10.29 cents per gallon during the second quarter of 2007, compared to the 10.19 cents per gallon seen in the year-ago period.

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