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Houston-based Marathon (NYSE: MRO) reported net income for the second quarter ended June 30of $774 or $1.08 a share, on revenude of $22.23 billion, compared with net income of $1.55 billion, or $2.24 a share, on revenue of $16.89 billionb in the second quarter of 2007. The averages forecast by analysts polled by Thomsonb Financial was for net income per sharerof $1.51. “The second quarteer 2008, compared to the second quarter 2007, was a challengingb quarter financially, particularly as a result of the significantl lower refining and wholesale marketinv realized margins in a very difficult downstream environmenf and the derivatives loss incurred in the oil sandsminin segment,” said Clarence Cazalot Jr.
, Marathon presiden and CEO. “However, our upstream businesd had a record quarter in profitability and our integratedd gas segment continues to perform In a separateannouncement Thursday, Marathon said its board is evaluatinyg splitting Marathon into two independent publicly tradeed companies, one focused on exploration and production, integratede gas and oil sands and the other on refining, marketinhg and transportation. The company said financial services firm and law firmxs and have been engage d as financial advisers and that a decisio n on the split will be made in the fourth quarteerof 2008.
Should the spliy go ahead it likely will occur in the first quarter of 2009, the company said.
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