Marathon Oil reduces CAPEX by half, posts quarterly loss

Marathon Oil Corp., which has focused in recent years on shale exploration, has reduced its 2016 CAPEX by 50% and reported a loss in its fourth-quarter earnings, according to Reuters.

Marathon said it plans to spend $1.4 billion this year, a reduction of more than 50% from 2015. The company posted a fourth-quarter net loss of $793 million, or $1.17 per share, compared with a profit of $926 million, or 1.37 cents per share, a year ago.

Reuters noted that, to cope with the oil price downturn, Marathon is considering selling $750 million to $1 billion in oil and gas properties that are not central to its operations.

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