Texas-based Marathon Oil Corp. shares rallied 4.04% to $14.17 Thursday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.52% to 4,319.94 and the Dow Jones Industrial Average DJIA rising 0.38% to 34,633.53.
Marathon Oil Corp. hit a new 52-week high, surpassing its previous peak of $14.16, which the company achieved on June 3rd. The stock outperformed some of its competitors Thursday, as Exxon Mobil Corp. XOM rose 0.29% to $63.26, Chevron Corp. CVX rose 1.40% to $106.21, and Royal Dutch Shell PLC ADR Cl A RDS. A rose 2.57% to $41.44.
Marathon Oil Corp trading volume (26.9 M) eclipsed its 50-day average volume of 18.7 M.This was the stock’s second consecutive day of gains. It announced today it plans to issue its second-quarter 2021 earnings news release on Wednesday, August 4, after the close of U.S. financial markets. The company will conduct a conference call, which will be a webcast live, on Thursday, August 5, at 9 a.m. ET. The call will include forward-looking information.
Beginning August, the production cap was relaxed to 7.7 million barrels per day through the remainder of the year. Continuing with its oil price support mechanism, the group agreed to increase output by 500,000 barrels a day from January 2021 instead of the pre-scheduled 2 million barrels per day. Over the past two meetings, the group stuck to its previous plans to slightly relax output curbs from May through July. The producer alliance decided to return 2.1 million barrels per day of production to the market during this period, easing curtailments to around 6 million barrels per day.