Marathon Oil narrowed its losses and agreed to sell its Canadian oil sands business for $2.5billion in the first quarter of 2017.
The Houston-based firm recorded pre-tax losses from continuing operations of $16million compared to a deficit of $613million in the same quarter of 2016.
Revenues almost doubled to $1billion from $570million.
Net losses came to $4.957billion as the firm booked an after-tax impairment charge of $4.962billion from discontinued operations.
Group production averaged 338,000 net barrels of oil equivalent per day (boed) during the quarter, including 8,000 barrels from Libya.
Non-North American production, excluding Libya, averaged 122,000 net boed for first quarter 2017, up 20% year-on-year, despite downtime in the UK and Equatorial Guinea.
First quarter international production costs were lower at $3.20 per barrel.
UK output averaged 15,000 net boed in Q1, down from 19,000 in the fourth quarter of 2016.
Marathon’s current UK interests include the Brae Complex and the Foinaven Field.
Its UK operations are based in Aberdeen.
Marathon Oil chief executive Lee Tillman said: “We’re off to a strong start in 2017, highlighted by our transformative portfolio moves to enter the Northern Delaware basin and exit the Canadian oil sands.
“With solid operational execution and strong well results in the first quarter, we held production flat sequentially in the resource plays, and are well positioned to resume high-return production growth there in the second quarter.
“We’re on track to deliver our 2017 capital program, having ramped up resource play activity from 12 to 20 rigs in the first quarter.”