Zacks Analyst Blog Highlights: Marathon Oil Corporation, Exxon, ConocoPhillips, Chevron and Enterprise Products Partners L.P.

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CHICAGO -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Marathon Oil Corporation (NYSE: MRO), Exxon (NYSE: XOM), ConocoPhillips (NYSE: COP), Chevron (NYSE: CVX) and Enterprise Products Partners L.P. (NYSE: EPD).

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Here are highlights from Tuesday's Analyst Blog:

Marathon Beats, Production Up

Marathon Oil Corporation's (NYSE: MRO) third-quarter 2009 results came in better-than-expected, helped by the contribution from increased oil and natural gas production. Earnings per share, excluding mark-to-market and divestment losses, came in at 61 cents, above the Zacks Consensus Estimate of 56 cents.

However, as has been the case with the other oil majors that have already reported -- Exxon (NYSE: XOM), ConocoPhillips (NYSE: COP) and Chevron (NYSE: CVX) -- earnings and revenue comparisons with the year-earlier period were quite ugly, severely hampered by lower realized commodity prices and weak refining margins. Marathon's adjusted earnings per share plunged 77.9%, while sales declined 37.9% to $14.5 billion.

Income from the upstream segment totaled $491 million during the quarter, down 43.5% from the year-ago level.

The company reported production (available for sale) of 393,000 oil-equivalent barrels per day (BOE/d), slightly below its interim guidance last month. However, this represents a 5% year-over-year production growth, reflecting the timing of international oil liftings.

Lower realized oil and natural gas prices offset the upstream volume gains. Marathon's worldwide realized crude oil price (from continuing operations) of $64.12 per barrel was 42.1% below the year-earlier level, while natural gas realizations (also from continuing operations) dropped 56.8% to $2.20 per thousand cubic feet (Mcf).

Enterprise Raises Dividend

Enterprise Products Partners L.P. (NYSE: EPD) reported its third quarter earnings per limited partners unit at 43 cents, in line with the Zacks Consensus Estimate and year-ago earnings of 49 cents. Before adjusting one-time items, earnings per limited partner unit reached 36 cents.

Importantly, Enterprise increased its quarterly distribution by 5.7% year-over-year to the annualized run rate of $2.21 per unit. This was the 21st consecutive quarterly distribution increase. Following the merger, Enterprise and TEPPCO generated distributable cash flow of $359 million and $43 million, respectively, in the quarter. Total distributable cash flow (DCF) for Enterprise and TEPPCO provided 1.03X distribution coverage.

Revenue for the quarter decreased nearly 27% year-over-year to $4.6 billion, due primarily to lower commodity prices. However, gross operating margin increased more than 17% to $561 million, driven by volume growth and strong natural gas processing margins.

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