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4Q oil earnings rise
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January 24, 2000: 10:32 a.m. ET
Higher oil prices help Marathon and Phillips top year-ago results
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NEW YORK (CNNfn) - Rising oil prices helped Marathon Group and Phillips Petroleum Co. significantly improve fourth-quarter results.
But while Phillips significantly beat estimates for the quarter, Marathon badly trailed analysts' expectations.
USX-Marathon Group (MRO) posted earnings of $148 million, or 47 cents a diluted share, not counting special items. Analysts surveyed by First Call had been looking for 54 cents a share. A year ago, Marathon earned only $13 million, or 4 cents a diluted share, before special items.
The company did not elaborate on reasons for missing the estimate, saying only that during the year it focused on acquisitions with a strong strategic fit, a disposal of non-core assets and an early retirement program to cut it work force by 8 percent.
Including special items, Marathon net income was $171 million, or 55 cents a diluted share, compared with a loss of $86 million, or 29 cents a share, a year ago. Revenue rose to $7.5 billion from $5.4 billion.
For the year, Marathon posted income before items of $434 million, or $1.40 a diluted share, compared with $321 million, or $1.09 a share, in 1998.
Including special items, net income came to $654 million, or $2.11 a share, more than double the $310 million, or $1.05, the year before. Revenue rose to $24.3 billion from $22.0 billion in 1998.
Phillips (P) had income before special items of $215 million, or 84 cents a diluted share, topping the 77 cents a share expected by analysts surveyed by First Call. In the year-ago period, Phillips had a loss of $12 million, or 5 cents a share.
"In addition to higher industry oil and gas prices, Phillips continued to benefit from cost reductions and strong operations across all business segments," CEO Jim Mulva said.
Revenue for the quarter rose 59 percent to $4.3 billion from $2.7 billion a year earlier.
For the year, Phillips posted income excluding special items of $548 million, or $2.15 a diluted share, compared with $375 million, or $1.44 a share, in 1998.
Including special items, net income came to $609 million, or $2.39 a diluted share, compared with $237 million, or 91 cents a share, in 1998. Revenue rose to $13.9 billion from $11.8 billion. 
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