Marathon Oil Plans To Cut 2016 Budget By At Least $600 Million


Sept 9 (Reuters) - Marathon Oil Corp said on Wednesday it will slash its capital budget next year by at least $600 million, becoming one of the first U.S. shale companies to announce 2016 cuts due to low crude prices.

The company, which operates in North Dakota, Texas and Oklahoma, plans to spend about $3.3 billion for 2015, and has begun identifying cuts for next year, with at least $600 million and likely more coming, Chief Executive Lee Tillman said at the Barclays Energy Power Conference.

(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Office Manager
Expertise: Accounting|Secretarial or Administrative
Location: Manquin, VA
Project Accountant
Expertise: Accounting
Location: San Diego, CA
Operations Foreman
Expertise: Budget / Cost Control|Process Technician|Refinery / Plant Operator
Location: Geismar, LA
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours