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Marathon CEO Lee Tillman said that a 2011 Oklahoma law allowing longer laterals had helped producers in the state.
The Houston producer’s plan to get rid of conventional drilling assets comes as several other companies plan similar divestitures.
The move signals that oil producers’ priorities may be shifting again as the downturn drags on another year.
The hurricane season runs from June 1 through November, and usually peaks from mid-August through late October. This year’s season started early when Tropical Storm Ana struck South Carolina in May, but has been quiet since. No major hurricanes have formed.
A collapse in crude prices trumped other efforts by the Houston-based exploration and production company to balance its budget, including boosting its production and paring back its budget.
Marathon Oil CEO Lee Tillman writes that the U.S. shale revolution needs a bigger funnel for the glut of crude it has created.
The cut is the second the company has made since crude prices began falling last summer.
It joins a slew of competitors of various sizes, from Marathon Oil to Continental Resources to ConocoPhillips, who have all cut their planned 2015 capital budgets as well.
Firms like Continental Resources, Apache Corp., ConocoPhillips and Marathon Oil have all announced big cuts this winter to their planned capital expenditures.
About 75 workers were transferred to shore from the Brae Alpha and Brae Bravo platforms.