Marathon Oil Corp on Wednesday cut its 2015 budget by another 20 percent to $3.5 billion and said its fourth-quarter profit rose, boosted by a gain related to the sale of oil and gas properties in Angola and Norway. Profit in the quarter was $926 million, or $1.37 per share, compared with $375 million, or 54 cents in the year-ago period. Marathon, which previously said it was slashing 2015 spending about 20 percent in December, said it would make a second budget cut of another 20 percent. The company said its output, excluding Libya, would rise 5-7 percent this year.

Click here to view full article at www.rigzone.com