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Marathon Oil (MRO) Reports $500M Reduction to 2020 Capital Budget; Cites 'Dramatic Fall in Commodity Prices'
March 10, 2020 7:00 AM EDTMarathon Oil (NYSE: MRO) has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated 2020 capital spending budget of $2.4 billion, in light of the dramatic fall in commodity prices, . The revised capital spending budget of $1.9 billion or less represents an approximate 30% reduction in comparison to actual 2019 capital spending.
Specifically, the Company will take the following steps to reduce its 2020 budget:
Suspend further Resource Play Exploration (REx) drilling and leasing activity, driving a material reduction to the original $200 million REx budget for 2020;Immediately suspend... More