Answering analysts’ concerns that its exploration and production business is stagnating, Marathon Oil Co. announced Thursday it will ramp up capital spending this year by almost half a billion dollars, to $2.98 billion from $2.5 billion in 2004. Oil and natural gas production is forecast to grow at an average rate of 3% over the next three years, and reserves replacement will hit at 130% a year, the company said.
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Marathon Ramps Up E&P Spending for Exploratory Drilling
Answering analysts’ concerns that its exploration and production business is stagnating, Marathon Oil Co. announced Thursday it will ramp up capital spending this year by almost half a billion dollars, to $2.98 billion from $2.5 billion in 2004. Oil and natural gas production is forecast to grow at an average rate of 3% over the next three years, and reserves replacement will hit at 130% a year, the company said.
February 25, 2005
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