Marathon Oil on Wednesday said it would cut capital spending by 50% this year amid low oil prices and market volatility. Marathon said it would spend $600 million of its $1.4 billion capital budget in the Eagle Ford shale, $600 million in the Oklahoma Resource Basins and just under $200 million in the Bakken region. Another $170 million will be invested in Marathon’s international assets, primarily in Equatorial Guinea and the Kurdistan region of Iraq.
Marathon reported a net loss of $2.2 billion in 2015.
