Marathon Oil said it has reduced its spending for the year by half after reporting a quarterly loss.
The company said it plans to spend $1.4billion this year.
It posted a fourth quarter loss of $793million compared with a profit of $926million a year preciously.
Lee Tillman, chief executive, said: “Through this cycle of sustained low oil prices and market volatility, Marathon Oil will continue to focus on balance sheet protection and operational
flexibility.”
Marathon said it expects its oil and gas output to fall between six to eight percent this year.
Output in the fourth quarter has averaged 432,000 barrels of oil equivalent per day.
Marathon Oil said it also expects to sell between $750million to $1billion in oil and gas properties it no longer considers central to its operations.
