Marathon Oil Corp. said trimming its 2015 capital program by 20 percent was a reflection of the need to manage cash flow in the bear market for crude oil.

Marathon, in a late Wednesday release, said it was planning to spend around $4.4 billion next year on investments and exploration, about 20 percent less than it had designated for the current year.

"We remain confident in our investment opportunities in the three U.S. resource plays," Marathon Oil President and Chief Executive Officer Lee Tillman said in a statement. "Our 2015 capital program is not opportunity constrained but will reflect sound discipline in managing cash flows in the current price environment."

In a quarterly report from November, the company said double-digit production growth from North American shale basins wasn't enough of a buffer against low oil prices.

From the emerging South Central Oklahoma Oil Province, or SCOOP, shale play to the Bakken reserve area in North Dakota, Marathon said it was experiencing near-exponential growth.

Total North American exploration and production during the third quarter realized $292 million in income, up from the $242 million during third quarter 2013.

For 2015, the company said the capital program maintains its strong position in U.S. shale basins, though annual production growth should be in the high single digits in terms of percent.

"The company remains committed to operational excellence, driving operating and capital cost efficiency and disciplined capital allocation," the company said.