(MENAFN) Marathon Oil Corp., an international oil and natural gas exploration and production firm, will cut more than USD1 billion from its 2015 budget amid falling crude prices, Xinhua reported.
The Houston-based company said it expects to spend between USD4.3 billion and USD4.5 billion in 2015, down from a budget of about USD5.7 billion in the current year.
The company said it would cut its budget to favor high-return investments in the US and pare back exploration spending, with annual production growth forecasts to be in the high single digits in 2015.
"We remain confident in our investment opportunities" Our 2015 capital program is not opportunity constrained but will reflect sound discipline in managing cash flows," Marathon Oil CEO said.
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