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Source: FuelFix

HOUSTON —Marathon Oil Corp. CEO Lee Tillman said the company plans to sell at least $500million in assets and has jettisoned acreage in East Africa as part of aneffort to scale down conventional exploration in favor of shale.

“We’veidentified for sale non-core E&P and midstream assets that simply do notcompete for capital today given the depth and breadth of our U.S. resourceplays,” Tillman told investors on a conference call Thursday.

The Houstonproducer’s plan to get rid of conventional drilling assets comes as severalother companies plan similar divestitures, including ConocoPhillips’ recentannouncement it will exit deep-water exploration altogether by 2017 and selloff at least part of its 1.7 million acres in the Gulf of Mexico.

Marathon hasalso said it will cut capital spending by at least 29 percentnext year ascosts decline and its outlook on oil prices worsens, with U.S. crude hoveringbelow $50 a barrel in recent months.

But threequarters of its $2.2 billion budget next year would be spent in the U.S. shaleplays, “which offer our highest risk-adjusted returns.” said, “our primary objective is balance sheet protection,” though someof its assets could be profitable even at low oil prices. “Marathon Oil is notopportunity limited.”

Tillman said the company’s move to cut its dividend 76 percentto 5 cents a share, announcedlast week, will help the company steer $425 million in capital toward highlyproductive plays, and it would give it a break from paying the dividend it paidwhen it was a bigger company.

“It isanother step in the transformation of Marathon Oil from an integrated legacy tobecoming a leading independent E&P company,” he said. Marathon Oil spun offits refining business three years ago, forming Marathon Petroleum Corp.

Tillman saidthe company has cut $200 million from its capital spending this year as it gotmore efficient drilling in shale plays like the Eagle Ford Shale in SouthTexas, where it cut well costs, drilled faster and completed more frac stagesin the third quarter.

Marathonrecorded a third-quarter loss of $749 million, mostly because of $611 millionin charges. Its overall production increased 6 percent in the third quarter,while its U.S. shale output grew 10 percent to 212,000 barrels of oilequivalent a day.

MarathonOil’s shares fell 65 cents – about 3.4 percent – to $18.75 on the New YorkStock Exchange on Thursday.

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