Marathon Oil Corporation (MRO) saw its loss narrow to $192 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $749 million, or $1.11 a share. On the other hand, adjusted net loss for the quarter narrowed to $97 million, or $0.11 a share from a loss of $138 million or $0.20 a share, a year ago. 

Revenue during the quarter dropped 7.11 percent to $1,229 million from $1,323 million in the previous year period. Operating margin for the quarter stood at negative 16.52 percent as compared to a negative 80.88 percent for the previous year period.

Operating loss for the quarter was $203 million, compared with an operating loss of $1,070 million in the previous year period.

"Strong execution across our entire business led to third quarter production above the top end of our guidance and cash flow neutrality," said Marathon Oil president and chief executive officer Lee Tillman. "We're increasing our rig count by 50 percent in the fourth quarter while remaining within our existing $1.3 billion capital program. This acceleration will have us well positioned to resume sequential production growth in the resource plays by the second half of 2017. Our planning process continues, but the preliminary five-year view for the resource plays supports compounded annual growth rate of 15 to 20 percent within cash flows at flat $55 WTI."

Guidance
Marathon Oil expects fourth quarter 2016 North America E&P production available for sale to average 205,000 to 215,000 net boed. Fourth quarter International E&P production available for sale excluding Libya is expected to be within a range of 120,000 to 130,000 net boed. While force majeure was lifted in September at the Es Sider terminal in Libya, Marathon Oil continues to exclude Libya volumes from its production forecasts. OSM synthetic crude oil production is expected to range from 40,000 to 45,000 net bbld.