Subscribe free to our newsletters via your




OIL AND GAS
Marathon trims capital programs for 2015
by Daniel J. Graeber
Houston (UPI) Dec 18, 2014


disclaimer: image is for illustration purposes only

Marathon Oil Corp. said trimming its 2015 capital program by 20 percent was a reflection of the need to manage cash flow in the bear market for crude oil.

Marathon, in a late Wednesday release, said it was planning to spend around $4.4 billion next year on investments and exploration, about 20 percent less than it had designated for the current year.

"We remain confident in our investment opportunities in the three U.S. resource plays," Marathon Oil President and Chief Executive Officer Lee Tillman said in a statement. "Our 2015 capital program is not opportunity constrained but will reflect sound discipline in managing cash flows in the current price environment."

In a quarterly report from November, the company said double-digit production growth from North American shale basins wasn't enough of a buffer against low oil prices.

From the emerging South Central Oklahoma Oil Province, or SCOOP, shale play to the Bakken reserve area in North Dakota, Marathon said it was experiencing near-exponential growth.

Total North American exploration and production during the third quarter realized $292 million in income, up from the $242 million during third quarter 2013.

For 2015, the company said the capital program maintains its strong position in U.S. shale basins, though annual production growth should be in the high single digits in terms of percent.

"The company remains committed to operational excellence, driving operating and capital cost efficiency and disciplined capital allocation," the company said.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
New York state bans fracking
New York (AFP) Dec 17, 2014
Governor Andrew Cuomo said Wednesday he would ban hydraulic fracking in New York State, citing health concerns about the controversial oil and gas drilling technique. The announcement extends a de facto New York ban on the practice, which offers the potential to unlock vast quantities of natural gas but which has come under intense scrutiny from environmentalists. The energy industry com ... read more


OIL AND GAS
Families of Sandy Hook massacre victims sue gunmaker

Mayor of deadly French flood village jailed for 4 years

Computer animation of Indian Ocean floor assists search for Flight MH370

17 dead, nearly 100 missing in Indonesian landslide: official

OIL AND GAS
GPS analysts bridge gap between launch, orbit

China to Roll Out Own Global Navigation System by 2020

NIST study 'makes the case' for RFID forensic evidence management

Galileo satellite recovered and transmitting navigation signals

OIL AND GAS
Commentary calls for new 'science of climate diversity'

Scientists reveal parchment's hidden stories

Ancient engravings rewrite human history

NTU team uncover one of mankind's most ancient lineages

OIL AND GAS
Renowned photographer Salgado issues environmental call to arms

Norway scraps controversial seal hunting subsidy

Kenya's 'Maasai Olympics' fights dwindling lion numbers

Genes tell story of birdsong and human speech

OIL AND GAS
Prepare for severe flu season: US health chiefs

Bird flu found at two farms in Canada

Uganda 'HIV nurse' to be released from jail

New Dutch cull ordered after bird flu confirmed as H5N8

OIL AND GAS
Executed Chinese teenager found innocent 18 years on

China says veteran Mongol activist released

China to send first anti-graft investigators to parliament

US 'slings mud' over human rights, China says

OIL AND GAS
Nobel protester sought to draw attention to 'murdered Mexican students'

Corruption on rise in Turkey, China: Transparency

OIL AND GAS
China December manufacturing index falls to 7-month low: HSBC

Australia poised to seize assets of corrupt Chinese: report

How Germany and the euro are keeping Europe in recession

Japan economy key after Abe landslide: analysts




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.