Marathon CEO expects more consolidation within industry

The US oil and gas industry has tremendous financial strength, but it is "opportunity constrained" because legacy assets that sustained companies for decades are very mature, said Marathon Oil Corp. CEO and Pres. Clarence P. Cazalot Jr. "I can assure you—with almost $40/bbl oil and $6/Mcf gas—that if companies today had a large inventory of near-term exploitation, development wells that they could drill or work over, they would be doing it," Cazalot said. "Much to the chagrin of the oil companies and the service companies, we are not seeing the big uptick in seismic activity and drilling activity simply because the opportunity set is not there." Meanwhile, some oil companies h...

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