MARATHON Oil has announced a £4billion capital, investment and exploration budget for 2009, a 24% decrease from last year’s.
It said yesterday its 2009 worldwide exploration and production budget of £1.76billion was down 26% on 2008.
It added that it estimated 2009 production available for sale would be between 390,000 and 410,000 barrels of oil equivalent per day, excluding the effect of any acquisitions or disposals, for an expected production growth range of between 5% and 10% on last year.
Also yesterday, Marathon reported 2008 net income of £2.48billion, down from income of £2.78billion the year before. Revenue for the year was £55.3billion compared with £45.92billion the previous year.
The company’s chief executive, Clarence Cazalot, said yesterday the year had been one of extreme market volatility with record high crude prices at mid-year, followed by a rapid and steep decline in prices.
He said: “Our year-on-year production growth of more than 8% is expected to rank us among the leaders in our peer group for 2008.
“During the year, we added proved reserves of 110million barrels of oil equivalent (boe), resulting in a reserve replacement rate of 80% for the year, which should also compare favourably with our peers.”
Marathon, the fourth largest US-based integrated oil company, has principal operations in America, Angola, Canada, Equatorial Guinea, Gabon, Indonesia, Libya, Norway and the UK.