Marathon Oil Cuts Jobs, Scales Back Conventional Exploration Efforts

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.

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at


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

More from this Author
Valerie Jones
Senior Editor | Rigzone
 -  What Will Happen to Experienced Oil, G... (Aug 16)
 -  More than 100 Oil, Gas Job Cuts Coming... (Aug 14)
 -  BLOG: Fatigue May Be Debilitating Your... (Aug 10)
 -  Where Did the Oil, Gas Workers Go? (Aug 9)
 -  US Jobs Report: Mining and Oil, Gas Em... (Aug 4)

Most Popular Articles

From the Career Center
Jobs that may interest you
Communication Consultant Job
Expertise: HR - General|Marketing|PR / Corporate Communications
Location: Denver, CO
Senior Technical Instructor - Electrical Maintenance Job
Expertise: HR - Trainer / Instructor|Maintenance Manager|Mechanical Technician
Location: Township of Welch, MN
Lead/A Callout Mechanic
Expertise: Customer Service|HR - General|Mechanic|PR / Corporate Communications|Rotating Equipment
Location: Lafayette, LA
search for more jobs

Brent Crude Oil : $50.8/BBL 0.13%
Light Crude Oil : $47.55/BBL 0.08%
Natural Gas : $2.94/MMBtu 0.67%
Updated in last 24 hours