Marathon Oil Plans to Cut 2016 Budget by $600 million

Marathon Oil Corp said on Wednesday it will slash its capital budget next year by at least $600 million, becoming one of the first U.S. shale companies to announce 2016 cuts due to low crude prices.

The company, which operates in North Dakota, Texas and Oklahoma, plans to spend about $3.3 billion for 2015, and has begun identifying cuts for next year, with at least $600 million and likely more coming, Chief Executive Lee Tillman said at the Barclays (BCS) Energy Power Conference.

(Reporting by Ernest Scheyder)