Downtime

More than three-quarters of the world’s oil and gas companies surveyed believe climate change could impact their business: increasing downtime, system failures and safety; but only 19% are taking action, according to an Acclimatise report sponsored by IBM.

Marathon Oil Corp. blamed higher-than-expected exploration expenses and unscheduled downtime for a 38% decline in quarterly profit from a year ago; however, the producer is stepping up its exploration spending this year — with most of the money directed at U.S. assets.

Marathon Oil Corp. blamed higher-than-expected exploration expenses and unscheduled downtime for a 38% decline in quarterly profit from a year ago; however, the producer is stepping up its exploration spending this year — with most of the money directed at U.S. assets.