By Maria Armental
Marathon Oil Corp. plans to cut spending in 2015, the latest
energy company to slim its spending plans amid tumbling oil
prices.
The Houston energy producer said it plans to spend $4.3 billion
to $4.5 billion in capital projects, or about 20% less than in the
current year, excluding its Norwegian business, which it sold in
June for more than $2 billion amid a shift to focus operations on
the U.S.
Still, Marathon expects production to rise in the high-single
digits, excluding its Libya operations.
Last week, ConocoPhillips said it planned to cut capital
spending also by 20% to $13.5 billion.
Marathon's shares closed at $26.67 on Wednesday, down 24% for
the year.
Write to Maria Armental at maria.armental@wsj.com
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