Another oil company has slashed its spending plans
MYLES UDLAND
BusinessInsider.com
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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