Marathon Oil Third Quarter Net Drops

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Marathon Oil Third Quarter Net Drops

HOUSTON -- Marathon Oil Corp., parent company of the Speedway SuperAmerica chain of convenience stores, yesterday reported third quarter 2009 net income of $413 million and an adjusted net income of $436 million. Those figures compare with a third quarter 2008 net of $2.064 billion and an adjusted net of $1.963 billion a year ago.

Clarence P. Cazalot Jr., president and CEO of Marathon, praised the company's "strong and balanced portfolio" of businesses and said they performed well in the third quarter, "despite ongoing uncertainties throughout the global economy."

Speedway SuperAmerica, the 2,780-store convenience chain, was a bright spot for the company, according to Cazalot, who said the retailer recorded higher same-store gasoline sales volumes and merchandise sales in the third quarter compared with the year-ago period.

The company also reported that Speedway SuperAmerica gasoline and distillate gross margin per gallon averaged 14 cents in the third quarter of 2009, compared to 16.9 cents in the third quarter 2008. SSA third quarter 2009 same store gasoline sales volumes increased approximately 3 percent over the third quarter of 2008, while same store merchandise sales increased approximately 12 percent for the same period.

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