Marathon Oil Pushing Costs Down, Saved $225 million

Marathon Oil Corp said on Thursday it has already captured $225 million in savings, citing streamlined shale drilling processes and lower prices from oilfield service providers.

"With margins compressed by lower commodity prices it's incumbent upon us to be aggressive in pushing those service costs and tangible costs down," Lance Robertson, vice president for North American Operations told investors on a conference call.

The company is also in the midst of eliminating 350 to 400 positions in response to the collapse in crude oil prices, said Chief Executive Officer Lee Tillman.

Reporting by Anna Driver