HOUSTON -- Marathon Oil Corp. has reported second-quarter 2006 net income of $1.748 billion, or $4.80 per diluted share. Net income in second-quarter 2005 was $673 million, or $1.92 per diluted share. For second-quarter 2006, net income adjusted for special items was $1.515 billion, or $4.16 per diluted share. For second-quarter 2005, net income adjusted for special items was $755 million, or $2.16 per diluted share.
Total segment income was $1.593 billion in second-quarter 2006, compared with $820 million in second-quarter 2005.
Upstream segment income totaled $659 million in second-quarter 2006, compared to $504 million in second-quarter 2005. U.S. upstream income was $243 million in second-quarter 2006, compared to $258 million in second-quarter 2005.
Downstream segment income was $917 million in second-quarter 2006, compared to $316 million in second-quarter 2005.
Speedway SuperAmerica's (SSA) gasoline and distillate gross margin averaged 10.19 cents per gallon during second-quarter 2006, down from the 12.11 cents per gallon realized in second-quarter 2005. SSA increased same-store merchandise sales by 8.7% during the same period.
Marathon completed its ultra-low sulfur diesel fuel modifications on time and under budget during the second quarter 2006 and began producing ultra-low sulfur diesel fuel prior to the June 1, 2006 deadline. These modifications substantially complete the approximately $875 million in capital projects the company began in 2002 to comply with the Tier II gasoline and on-road diesel requirements of the Clean Air Act that became effective on June 1, 2006.
In addition, Marathon and The Andersons Inc. recently announced that the companies have signed a letter of intent which could lead to the formation of a joint venture that would construct and operate a number of ethanol plants.
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