KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com | Marathon cuts 2010 capex by $1B, shares fall 4 pct

Marathon cuts 2010 capex by $1B, shares fall 4 pct

Associated Press - November 19, 2009 4:05 PM ET

NEW YORK (AP) - Houston-based Marathon Oil says it'll cut capital expenditures by about $1 billion in 2010.

Marathon says it'll also devote a larger percentage of funds toward exploration and production and a smaller percentage toward its hard-hit refining business.

An outside analyst says investors had expected the company to focus even more on the exploration of new finds off Angola and huge natural gas plays in North America.

Marathon is the fourth-largest U.S. integrated oil company, meaning it's involved in exploration and production as well as refining and marketing.

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