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Marathon Oil says it has already saved $225M, plans employee cuts

Feb. 19, 2015 4:48 PM ETMarathon Oil Corporation (MRO) StockMROBy: Carl Surran, SA News Editor2 Comments
  • Marathon Oil (NYSE:MRO) says it already has captured $225M in savings as it squeezes well costs in fields in south Texas and elsewhere and renegotiates service contracts in response to the steep drop in crude oil prices.
  • "With margins compressed by lower commodity prices, it is incumbent upon us to be aggressive in pushing those service costs and tangible costs down," Lance Robertson, VP of North American Operations, said in today's earnings conference call.
  • MRO also says it has reduced its per well cost by $1.3M to an average of $6.3M through efficiency and service costs reductions.
  • The company also is eliminating 350-400 positions, which would amount to slightly more than 10% of its total workforce.

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