In response to the “lower for longer” oil price, Marathon Oil Corp. is further scaling back and redirecting its conventional exploration efforts and cutting more from its workforce, according to an emailed statement to Rigzone.
The company plans to focus exclusively on existing opportunities in the Gulf of Mexico and Gabon and suspend new venture funding in conventional exploration. Marathon will not drill any conventional exploration wells in 2016.
Marathon will also be eliminating an additional 40 positions due to the cost-cutting efforts. The job cuts will focus primarily on U.S. payroll employees. Marathon announced it would cut between 350 to 400 jobs Feb. 19.
Reuters reported Wednesday that Marathon Oil is slashing its capital budget for 2016 by $600 million, making it one of the first shale companies in the United States to announce 2016 budget cuts due to low oil prices.
Marathon Oil Corp. is a global, independent energy company based in Houston.
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