Marathon Oil - Bull Of The Day

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Marathon Oil - Bull Of The Day

By Zacks Investment Research on February 24, 2009 | More Posts By Zacks Investment Research | Author's Website

Marathon Oil Corp. (MRO) reported better-than-expected fourth-quarter 2008 results, announced a lower capex budget 2009, and abandoned plans to split the company along upstream/downstream lines.

The earnings outperformance reflected strong growth in upstream volumes and improved year-over-year downstream margins. Though we have lowered our 2009 EPS estimate ($2.95 vs. $4.78) to reflect the challenging commodity-price environment, our Buy rating remains unchanged.

We continue to like Marathon’s attractive inventory of development projects, strong financial health, and the successful execution of the non-core asset sales.

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