Another oil company has slashed its spending plans

Wednesday, February 18, 2015
By Paul Martin

Feb. 18, 2015

Oil giant Marathon Oil is slashing its capital spending plans.

In a release on Wednesday night, the company said it plans to spend $3.5 billion on capital projects in the coming year, 20% less than the company had previously forecast in December.

In December, Marathon Oil said it would spend $4.3-$4.5 billion in 2015, or about 20% less than it spent in 2014.

On Wednesday, the company said that 70% of its 2015 budget would be spent on existing oil plays in North America, which Marathon CEO Lee Tillman said are the company’s highest-return investments.

Tillman added, “This budget reflects an emphasis on investment selectivity, balance sheet flexibility and positioning for price recovery.”

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