Marathon Oil boosting capital spending by $1 billion
12/7/2011 12:00:00 AM
By STEVE GELSI
Marathon Oil Corp. said Wednesday that it will increase its capital spending by $1 billion in 2012 as it moves to develop acreage in the Eagle Ford shale of South Texas.
Marathon purchased Eagle Ford acreage from Hilcorp for $3.5 billion this year.
The Houston firm, which spun off its refining unit, Marathon Petroleum Corp. (MPC) earlier this year, plans to spend $4.82 billion on capital projects in 2012, up from its plan to spend $3.89 billion in 2011.
Marathon expects to grow its annual production by an average of 5% to 7% a year between 2010 and 2016, the company said.
Dow Jones Newswires
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