The 2015 capital program will reflect a significant weighting to the Company's high return investment opportunities in its U.S. resource plays and lower exploration spending. Assuming this level of investment, total Company annual production growth (excluding
"We remain confident in our investment opportunities in the three U.S. resource plays. Our 2015 capital program is not opportunity constrained but will reflect sound discipline in managing cash flows in the current price environment," said
The continuing dynamic change in crude oil markets together with the expected impacts to oilfield service costs warrants additional time before finalizing the 2015 budget. The 2015 capital program will be scalable higher or lower depending on market conditions.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the Company's 2015 capital, investment and exploration budget, and planned timing for announcing the budget; the Company's operational, financial and growth strategies, ability to successfully effect those strategies and the expected results therefrom; 2015 production guidance, growth expectations and the drivers thereof; expectations regarding future economic and market conditions; expected impacts to oilfield service costs; and the Company's financial and operational outlook, and ability to fulfill that outlook. While the Company believes that the assumptions concerning future events are reasonable, a number of factors could cause results to differ materially from those indicated by such forward-looking statements including, but not limited to: conditions in the oil and gas industry, including the level of supply or demand for liquid hydrocarbons and natural gas and the impact on the price of liquid hydrocarbons and natural gas; changes in political or economic conditions in key operating markets, including international markets; the amount of capital available for exploration and development; timing of commencing production from new wells; drilling rig availability; availability of materials and labor; the inability to obtain or delay in obtaining necessary government or third-party approvals and permits; non-performance by third parties of their contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto; changes in safety, health, environmental and other regulations; and other geological, operating and economic considerations. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company's Annual Report on Form 10-K for the year ended
CONTACT: Media Relations Contacts
Lee Warren: 713-296-4103 Lisa Singhania: 713-296-4101 Investor Relations Contacts Chris Phillips: 713-296-3213
Source: Marathon Oil Corporation
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