Nov 6 (Reuters) - U.S. shale producer Marathon Oil ( MRO )

beat Wall Street estimates for third-quarter profit on

Wednesday, helped by higher production and resilient demand for

oil.

Benchmark Brent crude averaged $78.3 a barrel in the

reported quarter, a level at which producers can drill

profitably. Meanwhile, natural gas prices increased toward the

end of the third quarter after Hurricane Helene forced producers

to shut in their output.

Marathon - which operates in the Bakken, Permian and Eagle

Ford basins - said its total production for the quarter rose to

421,000 barrels of oil equivalent per day (boepd), compared to

393,000 boepd during the second quarter.

Total oil production rose to 207,000 barrels per day in the

three months ended Sept. 30, compared to 191,000 in the

preceding quarter.

Marathon Oil ( MRO ) is set to be acquired by larger rival

ConocoPhillips ( COP ) for $22.5 billion. The deal, approved by

Marathon's shareholders in August, is currently undergoing a

Federal Trade Commission review and is expected to close late in

the fourth quarter of 2024.

Last week, ConocoPhillips ( COP ) surpassed Wall Street's

expectations for third-quarter profit and elevated its full-year

output forecast.

Marathon also raised its full-year production forecast,

expecting to benefit from the increase in U.S. oil consumption,

which, in July, rose to its highest seasonal level since 2019.

The company now expects a total production of 393,000 boepd

in 2024, which is higher than the midpoint of its prior forecast

of 391,000 boepd.

Marathon reported adjusted earnings of 64 cents per share

for the quarter, compared with analysts' average estimate of 63

cents per share, according to data compiled by LSEG.