Marathon Oil Slashes Capex 50%, Has Quarterly Loss

Marathon Oil Corp, a U.S. shale exploration company, on Wednesday slashed its 2016 spending 50 percent and swung to a loss as the company's results were hurt by a steep decline in crude oil prices.

 

Marathon said it plans to spend $1.4 billion this year, a reduction of more than 50 percent from 2015.

 

Marathon, based in Houston, has a net loss of $793 million, or $1.17 per share, compared with a profit of $926 million, or 1.37 cents per share in the same quarter a year earlier.

 

Adjusting for divestitures, Marathon's oil and gas output is expected to fall 6 percent to 8 percent.