Marathon Tags $18B Capex for E&P Business through 2013

NEW ORLEANS (Dow Jones), Mar. 22, 2010

Marathon Oil Corp. said Monday it expects to have a capital expenditure budget in the range of $5 billion to $6 billion a year through 2013, with increasing investment in its exploration and production business and lower spending in its refining arm.

Speaking to analysts at an energy conference in New Orleans, Marathon Chief Executive Clarence P. Cazalot, Jr., said more than 55% of the company's exploration and production budget will be allocated to sanctioned projects and to exploration. Marathon expects to spend about $18 billion on its exploration and production segment through 2013.

Marathon Oil's 2010 capital, investment and exploration budget is expected to be $5.1 billion, a 17% decrease from 2009.

With the completion of a major expansion at the company's Garyville, La., refinery, its downstream spending is budgeted to be significantly lower in the next three years, Cazalot said.

Copyright (c) 2010 Dow Jones & Company, Inc.

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