HOUSTON, Nov. 4 (UPI) -- Marathon Oil said in its quarterly report double digit production growth from North American shale basins wasn't enough of a buffer against low oil prices.
In Oklahoma, Marathon reported third quarter shale production of 19,000 barrels of oil equivalent per day, an increase of 27 percent year-on-year. Its best well for the quarter was in the emerging South Central Oklahoma Oil Province, or SCOOP.
In the Eagle Ford play in Texas, considered among the most prolific shale basins in the United States, production was up 43 percent year-on-year to 117,000 barrels of oil equivalent per day.
For Bakken, the North Dakota shale basin at the heart of the North American oil boom, production was 47 percent higher than third quarter 2013 to 56,000 barrels of oil equivalent per day, with nearly 90 percent of that emerging as crude oil.
Total North American exploration and production during the third quarter realized $292 million in income, up from the $242 million during third quarter 2013.
Nevertheless, the 20 percent drop in oil prices on the global market wasn't enough to boost Marathon's earnings.
The company posted earnings for third quarter late Monday at $431 million, down from the $569 million year-on-year.
Marathon share prices shed 2 percent in Monday trading.
