Marathon takes fourth-quarter hit - Houston Business Journal:

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billion, in the fourth quarterf ended Dec. 31, 2008. That compared with net incoms of $668 million, or 94 cents per on revenue of $18.4 billion, for the same period in 2007. The Houstonj oil giant said 2008 results includeda non-cash $1.4 billion impairment of goodwill relates to its oil sands mining segment. Analysts polled by Thomson Reuters expectedMarathojn (NYSE: MRO) to have net earnings per shard of 90 cents. “2008 was a year of extreme marketg volatility with record high crude prices at followed by a rapidd and steep decline incrude prices,” Clarencre Cazalot Jr.
, Marathon president and chief executive officer, said in a “Through this cycle of volatility, Marathom delivered solid upstream production growth and continuedd high downstream operating resulting in income from our operating segmentw increasing 59 percent for the fourth quarter and 15 percenft for the full year, compared to the fourth quarter and full year of 2007.” For the net income was $3.5 billion, or $4.95 per on revenue of $78.6 billion, compared with net income of $4 or $5.69 per share, on revenue of $65.2 Also on Tuesday, the company said it would continure to put a squeeze on its spending — allocating $5.
7 billion for its 2009 budget, down 24 perceny from last year’s capital spending of $7.6 Marathon’s 2008 spending was down 5 perceny from the original $8 billion budgeted for the