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Marathon Oil posts fourth-quarter profit – Reuters Africa

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Feb 13 (Reuters) – Oil and gas producer Marathon Oil Corp reported a fourth-quarter profit on Wednesday compared to a year-ago loss, on the back of higher oil production at its U.S. shale assets.

The company’s net income was $390 million, or 47 cents per share, in the fourth quarter ended Dec. 31, compared to a loss of $28 million, or 3 cents per share, a year earlier.

U.S. production rose to 306,000 barrels of oil equivalent per day (boe/d) from 262,000 boe/d. (Reporting by Debroop Roy in Bengaluru; Editing by Shounak Dasgupta)