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Thursday, November 19, 2009
Marathon Oil Sees 2009 Production Growth Of 9%
By Steve Gelsi
MarketWatch Pulse
NEW YORK -- Marathon Oil [S: mro] said Thurday it expects 2009 production growth of 6% over the year-ago period. The New York-based energy company said it'll pare back spending on refining and marketing of gasoline and other products and channel more resources into exploration and production of crude and natural gas. For 2008-2011, the company continues to expect an upstream production compound annual growth rate of approximately 4%, including oil sands mining, despite already announced asset sales. Next year, Marathon plans to drill three to four "significant" wells in the Gulf of Mexico, two high-risk, high-potential wells in Indonesia, as well as activity in Norway, Libya, Angola and the onshore resource plays of the United States. In the third quarter, production available for sale rose 5% to 393,00 barrels of oil equivalent a day, from 375,000 barrels a day in the year-ago period.
Copyright © 2009 MarketWatch, Inc.
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