Feb 15 Marathon Oil Corp, a U.S. shale
exploration company, on Wednesday doubled its projected capital
spending for the full year, as crude prices stabilize following
a two-year rout.
The company, which reported a smaller-than-expected wider
fourth-quarter loss on Wednesday, expects to spend more as it
ramps up activity in Oklahoma and the Bakken Shale formation.
Oil producers are betting big on a continued rise in crude
prices by buying up acreage and raising capital spending.
Marathon said it plans to spend about $2.2 billion this
year, or roughly double the $1.1 billion it spent in 2016.
Industry peers Exxon Mobil, Chevron Corp and
Hess Corp also boosted their capital budgets for the
Marathon's net loss widened to $1.37 billion, or $1.62 per
share, in the fourth quarter ended Dec. 31, from $793 million,
or $1.17 per share, a year earlier.
Excluding items, the company posted a loss of 10 cents per
share, lower than analysts' average estimate for a loss of 15
Revenue fell 5.8 percent to $1.39 billion, above the
Street's estimate of $1.19 billion.
Marathon shares ended down 0.67 percent at $16.30 in regular
Thursday trading on the New York Stock Exchange.
(Reporting by John Benny in Bengaluru, editing by G Crosse)