Marathon Oil plans 20% cut to previously announced $2.4 billion capital budget

摘要

Houston—Marathon Oil on Tuesday said it plans to shave at least $500 million, or just over 20%, from previously communicated capital spending in 2020, following a similar response by smaller E&Ps this week to a plunge in oil prices. Marathon’s new total budget this year of $1.9 billion would be a 30% reduction from actual capital spending in 2019, the company said in a statement.