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MRO » Topics » Moving to slide 7, adjusted net income for the third quarter 2007 was $532 million lower than the second quarter 2007. This decrease was also primarily a result of a lower refining and wholesale marketing gross margin partially offset by lower income taxe

This excerpt taken from the MRO 8-K filed Nov 5, 2007.

Moving to slide 7, adjusted net income for the third quarter 2007 was $532 million lower than the second quarter 2007. This decrease was also primarily a result of a lower refining and wholesale marketing gross margin partially offset by lower income taxes.

 

Turning to slide 8, upstream segment income for the third quarter increased $79 million over the second quarter 2007. This increase was a result of higher natural gas sales volumes and higher liquid hydrocarbon sales prices partially offset by higher income taxes, lower revenue associated with storage volumes in Ireland and higher operating costs, primarily related to workovers in the Gulf of Mexico, UK, and Gabon.

 

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