December 17, 2014 / 10:12 PM / 3 years ago

Marathon Oil cuts 2015 capex about 20 percent

Dec 17 (Reuters) - Marathon Oil Corp on Wednesday said its capital expenditures will be about 20 percent lower next year due to the steep drop in crude oil prices.

Marathon said it expects to spend about $4.3 billion to $4.5 billion in 2015, reflecting a shift in dollars to higher-return shale wells in the United States and lower exploration spending. The Houston company said it expects oil and gas production growth, excluding output from Libya, to rise in the high single digits next year.

Reporting by Anna Driver; Editing by Terry Wade

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