By OGJ editors
HOUSTON, Feb. 4 -- Marathon Oil Corp. announced an $8 billion capital, investment, and exploration budget for 2008 compared with 2007 spending of $4.8 billion.
The increase stems primarily from a 180,000 b/cd expansion at its 245,000 b/cd Garyville, La., refinery, the Athabasca oil sands project in Alberta, and an associated expansion and heavy oil upgrade at its 100,000 b/cd Detroit refinery (OGJ, Nov. 12, 2007, Newsletter).
Clarence P. Cazalot Jr., Marathon president and chief executive officer, noted that "reinvestment in the business will contribute much-needed growth in US refining capacity."
Marathon's 2008 worldwide exploration and production budget of $3.2 billion is a 23% increase over last year's E&P budget. Worldwide production capital spending in 2008 is projected at $2.1 billion, up 37% from last year.
Refining, marketing, and transportation spending is expected to total $3.5 billion in 2008, up from $1.7 billion in 2007.
