Barclays Maintains an 'Equalweight' Marathon Oil (MRO); 2012 Budget-In Line with Expectations

Barclays maintains an 'Equalweight' Marathon Oil (NYSE: MRO) price target of $33.00.

Barclays analyst says, "MRO revealed its 2012 capital and exploratory budget of $4,822 million compared to our previous forecast of $4,750 million and 2011 guidance level of $3,800 million (inclusive of estimated 2 months of spending on Hilcorp projects), up 26% year-over-year. $4.4 billion will be directed to E&P spending and will fund the company's growth and base assets, including $433 million for exploration."

"We view the news as neutral. Although the announced capex program is an increase compared to 2011 spending levels, it is not a surprise given increased emphasis on the Eagle Ford and other shale assets. In addition, management has previously indicated that 2012-2016 capital will be $4.5-$5.5 billion, with growth capital representing 65% of the total."

For an analyst ratings summary and ratings history on Marathon Oil Corporation Common click here. For more ratings news on Marathon Oil Corporation Common click here.

Shares of Marathon Oil Corporation Common closed at $28.41 yesterday.

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