Marathon Oil boosting capital spending by $1 billion

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12.07.2011 |

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. The firm plans to spend $4.82 billion on capital projects in 2012, up from its plan to spend $3.89 billion in 2011.

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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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