Dec 4 (Reuters) - Marathon Oil Corp on Tuesday said it expects capital spending to rise slightly in 2013 to $5.2 billion, with one-third of the total directed toward growing production of crude oil in the Eagle Ford formation in south Texas.
“The economics and well performance we’re achieving in the Eagle Ford, along with our ability to drive efficiencies, make this play a focal point of our growth strategy,” said Clarence Cazalot, Marathon’s chief executive officer.
This year, the Houston company said it will spend $5 billion.
Next year’s capital expenditures are expected to generate 6 percent to 8 percent growth in oil and natural gas output, Marathon said.
Production next year, excluding the company’s Libyan operations, is forecast to average 395,000 to 420,000 barrels oil equivalent per day.