The US company Marathon oil records its first quarterly profit since the outbreak of the Corona pandemic Corporate news

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US shale oil producer Marathon oil said on Wednesday (May 5th) that it recorded its first net quarterly profit since the outbreak of the pandemic as crude prices rose, supported by a recovery in fuel demand.

US oil prices have risen by at least a third since the start of the year after the pandemic led to a collapse in demand at the beginning of 2020.

The shift to profit also comes as Marathon and other US shale oil companies cut spending and production last year.

Marathon said the average price of US crude in the first quarter rose to $ 55.38 a barrel from $ 39.71 in the last three months of 2020.

The Houston-based company said its net profit was $ 166 million, or 21 cents per share, in the first quarter ended March 31, compared to a loss of $ 98 million in the fourth quarter of 2020.





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