May 1, 2019 / 8:40 PM / 3 months ago

Marathon Oil profit rises 66 pct on higher production, lower costs

May 1 (Reuters) - Marathon Oil Corp reported a 66.2 percent rise in first-quarter adjusted profit on Wednesday, getting a boost from higher output and lower production costs at its U.S. shale assets.

The oil and gas producer's net adjusted income rose to $256 million, or 31 cents per share, in the quarter ended March 31 from $154 million, or 18 cents per share, in the same year-ago period.

U.S. oil production averaged 177,000 net barrels of oil per day (bopd), up 11 percent from year-ago quarter adjusted for divestitures. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel)

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