Slippery Slope For Marathon Oil Despite Earnings Beat

Marathon Oil Corporation MRO Wednesday reported second-quarter revenues and adjusted net income of $2.30 billion and $1.32 per share, topping analyst expectations of $2.07 billion and $1.26 per share, respectively.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Marathon Oil traded more than 1.93 times its average daily put volume on Thursday.

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There were buyers of 1,500 of the September weekly 24-calls at an average price of 81 cents per contract, Khouw mentioned. Traders see little chance of recovery over the next six weeks, he added.

MRO Price Action: Shares of Marathon Oil declined by 6.2% to settle at $21.47 on Thursday.

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