February 06, 2013 at 14:18 PM EST
Marathon Leads Oil Sector Down With Q4 Earnings Miss
Marathon Oil (MRO) led oil stocks lower Wednesday after it reported a smaller-than-expected Q4 profit on rising costs for exploration in the U.S., where it's racing rivals to get a position in oil-rich shale formations in Texas and North Dakota. Marathon said before the market opened that earnings per share plunged 30% to 55 cents, undershooting Wall Street's target by 12 cents. Exploration costs rose 70% during the quarter to $238 million.
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