US oil giant Marathon saw third-quarter profits rise 29% after being boosted by output from its shale gas operations.
Production from the Eagle Ford field doubled to around 100,000 barrels of oil per day, with overall output from the company up slightly despite the loss of oil from crisis-torn Libya.
Adjusted profits for the Houston-based firm were £386million for the quarter, up 29% on the previous three months and 26% year on year, as the company turns its focus on international operations.
“With our renewed global exploration portfolio we’ve captured significant resource potential through the recently announced Mirawa-1 oil and natural gas discovery on the Company-operated Harir Block in the Kurdistan Region of Iraq and a deepwater pre-salt discovery offshore Gabon,” said chief executive Lee Tillman.
“We’re currently drilling or participating in other prospects across Kurdistan, Ethiopia, Kenya and the Gulf of Mexico, and we were the high bidder on two new Company-operated blocks in deepwater pre-salt Gabon. Additionally, approval was received from the Kurdistan Regional Government for a development plan on the Atrush Block.”