Houston-based Marathon Oil Corp. (NYSE: MRO) will immediately cut its 2020 capital spending budget by at least $500 million in light of the recent plunge in oil prices.
Previously, the company planned to spend $2.4 billion, which was down 11 percent from its 2019 capital expenditure of $2.59 billion.
Now, the revised capital spending budget of $1.9 billion or less is a 30 percent reduction from the 2019 figure, Marathon said in a March 10 press release. In order to cut the $500 million, Marathon…
