Marathon Oil has estimated its investment and exploration budget will be 20% lower for 2015.
The company said the capital program of around $4.5billion for next year will reflect a significant weighting to the company’s high return investment opportunities in the US as well as lower exploration spending.
Marathon said the “continuing dynamic change” in crude oil markets, together with the expected impact to oilfield service cost, mean it will need additional time before the budget is finalised.
Chief executive Lee M. Tillman said: “We remain confident in our investment opportunities in the three US resource plays.
“Our 2015 capital program is not opportunity constrained but will reflect sound discipline in managing cash flows in the current price environment.”
The capital program for next year is expected to be scalable higher or lower depending on market conditions.
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