Marathon Oil sees production boost
Oil producer and refiner Marathon Oil Corp. said Thursday it expects its worldwide production to increase at least 8% in 2008, excluding sales and acquisitions.
In its annual meeting with Wall Street analysts in New York, Marathon predicted global upstream production between 380,000 to 420,000 barrels of oil equivalent this year, up from 351,000 barrels in 2007.
The company also said it expects compound average production growth of 7% over the next five years.
"We have in hand today the assets and plans through our integrated business model to fulfill our mission of providing shareholders with long-term sustainable value growth," said Marathon’s president and chief executive, Clarence P no fax payday loans. Cazalot Jr.
Marathon (MRO, Fortune 500) is the fourth-largest integrated U.S. oil company, meaning it’s involved in exploration and production as well as refining and marketing.
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