Marathon Oil Corporation has announced a $5.2 billion capital, investment and exploration budget for 2013. About $1.9 billion, of which is targeted to the Eagle Ford shale play in Texas. The Eagle Ford shale play is a focal point of the company’s growth strategy. The Bakken shale in North Dakota and the Oklahoma resource basin are the other two critical plays in the U.S.
“Our 2013 capital budget of nearly $5.2 billion highlights Marathon Oil’s continued focus on value growth, which we expect will generate a six to eight per cent year-over-year increase in total Company production, driven by our activity in liquids-rich U.S. resource plays,” said Marathon Oil’s chairman, president and CEO, Clarence P. Cazalot Jr. “We plan to spend approximately $1.1 billion on base assets across North America, Africa and Europe, including Oil Sands Mining.”
In addition, Marathon plans to participate in drilling 10 to 13 impact exploration wells in some of the most prospective basins in the world in 2013.