Marathon Oil Sees Next Year's Capex About 20% Below 2014

Marathon Oil Corp. said it expects its 2015 capital expenditures budget to be about $4.3 billion to $4.5 billion, or about 20% below 2014 levels. Meanwhile, given the continuing "dynamic change" in oil prices, and the expected impact on oilfield service costs, the company said it needs extra time to finalize next year's budget. The company is expecting to announce details of the budget in February. On Wednesday, crude oil futures rose 1%, but were still down about 47% over the past six months. Marathon's stock, which edged up 0.3% in after-hours trade, has lost 24% this year through Wednesday's close, compared with an 8.9% gain in the S&P 500.