NEW YORK, NY / ACCESSWIRE / May 4, 2018 / Oil giants Marathon Oil and Laredo Petroleum released their first quarter financial results this week. While Marathon shares gained speed by beating on both the top and bottom line, Laredo saw big losses after missing on adjusted earnings and announcing that it would be spending more money this year than expected.
RDI Initiates Coverage on:
Marathon Oil Corporation
https://rdinvesting.com/news/?ticker=MRO
Laredo Petroleum, Inc.
https://rdinvesting.com/news/?ticker=LPI
Marathon Oil Corporation shares closed up 6.23% on about 27.3 million shares traded on Thursday. The stock saw gains after the company announced its first quarter 2018 financial results on Tuesday after the close. For the quarter, Marathon reported adjusted EPS that beat estimates by 4 cents. An adjusted profit of 18 cents was higher than what analysts expected at 14 cents a share. On a YOY basis, first quarter EPS came in $0.25 higher than the loss of 7 cents in the first quarter a year ago. Revenues of $1.73 billion was higher than the analyst estimate of $1.37 billion. It represented a growth of 62% YOY compared to the $1.07 billion posted in the first quarter a year ago. The number was also 25% higher than the fourth quarter 2017 result of $1.38 billion. Traders seemed encouraged to learn that the company expects its full-year production to come in well ahead of its initial forecast.
Access RDI's Marathon Oil Corporation Research Report at:
https://rdinvesting.com/news/?ticker=MRO
Laredo Petroleum, Inc. shares closed down 17.77% on about 13.8 million shares traded yesterday. The oil drilling company posted its first quarter results yesterday that didn't impress Wall Street. Though the company produced a record 63,314 barrels of oil, which was in line with what analysts had expected, its adjusted earnings of $57.6 million, or $0.24 a share, lagged behind the consensus estimate by two cents a share. Traders also didn't like learning that Laredo reported that Royal Dutch Shell has terminated its contract with the company to purchase and sell oil. To make matters worse, Laredo said it is expecting to spend an additional $30 million this year due to delays in securing lower cost sand in the Permian Basin and is drilling wells about 200 feet longer on average than it initially expected. "Operational results in the first quarter were in-line with expectations as we overcame delays from adverse weather at the beginning of the quarter," said the company's CEO Randy A. Foutch. "We completed four more wells than projected, driven by efficiency gains in our completions operations that pulled wells forward from the second quarter. The results our drilling and completions teams were able to accomplish to shorten cycle times significantly improved efficiency during the quarter."
Access RDI's Laredo Petroleum, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=LPI
Our Actionable Research on Marathon Oil Corporation (NYSE: MRO) and Laredo Petroleum, Inc. (NYSE: LPI) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
Source: ACCESSWIRE Investor Awareness
(May 4, 2018 - 8:00 AM EDT)
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