Marathon Oil Corp said on Thursday it has so far captured $225 million in savings, citing streamlined shale drilling and completion processes and lower prices from oilfield service providers. While many oil and gas companies forecast cost savings, Marathon said it is already seeing savings as it squeezes well costs in fields in south Texas and elsewhere and renegotiates service contracts in response to the steep drop in crude oil prices that have upended the sector. “With margins compressed by lower commodity prices it’s incumbent upon us to be aggressive in pushing those service costs and tangible costs down,” Lance Robertson, vice president for North American Operations told investors on a conference call. Marathon said its has reduced its per well cost by $1.3 million to an average of $6.3 million through efficiency and service costs reductions. The Houston company is also working to pare general […]