Shares of Marathon Oil surged nearly 13 percent on Thursday after the company reported a narrower-than-expected loss on Wednesday.
The oil company reported a third-quarter loss of 11 cents per share on revenue of $1.23 billion. Analysts had expected a loss of 20 cents a share on revenues of $1.10 billion according to a Thomson Reuters consensus estimate.
Marathon Oil also raised the low end of its full-year exploration and production guidance, resulting in a new range of between 335,000 and 345,000 net barrels of oil equivalent per day.
According to a press statement released on Wednesday, CEO Lee Tillman also announced that the company is increasing rig activity by year end.
“We’re increasing our rig count by 50 percent in the fourth quarter while remaining within our existing $1.3 billion capital program,” Tillman said. “This acceleration will have us well positioned to resume sequential production growth in the resource plays by the second half of 2017.”
Marathon Oil is up 1.5 percent this year, and rose 1.6 percent in after-hours trading on Wednesday.