Marathon Oil cuts capex budget further, plans 'frac holidays' in the second quarter [MarketWatch]
Marathon Oil Corporation (MRO)
Last marathon oil corporation earnings: 2/12 04:30 pm
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Source: MarketWatch
Marathon Oil Corp. announced Wednesday a further cut to its 2020 capital expenditures budget to $1.3 billion, which is now about 50% below what it spent in 2019. Last month, the natural gas exploration and production company said it was cutting its 2020 capex budget to $1.9 billion. The new capex budget includes the implementation of second-quarter "frac holidays" in the Bakken and Eagle Ford basins. The company also said it plans to suspend further drilling activity in the North Delaware, in addition to previously announced actions to fully suspend Resource Play Exploration (REx) and Oklahoma activity. The stock, surged 4.6% in premarket trading, after closing Tuesday 18% above its April 1 record low of $3.12. It has plunged 72.3% over the past three months through Tuesday, while the SPDR Energy Select Sector ETF has dropped 46.3% and the S&P 500 has slid 18.3%.
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