Drilling & Completions | Top Story | Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Marathon Chops Another $500MM from Capex; Frac Holiday in Bakken, Eagle Ford
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In response to current market conditions, Marathon Oil has detailed an updated 2020 capital spending budget and has also provided a hedging update.
Updated 2020 Capex / D&CNew Capex of $1.3 billion, down from initial guidance of $1.9 billion (-32%), but down -52% from 2019 ($2.6 billion in 2019).
The Company will continue to optimize development plans in the Bakken and Eagle Ford. The revised 2020 capital budget of $1.3 billion or less includes the implementation of second quarter frac holidays in the Bakken and Eagle Ford, before transitioning to a lower and more continuous drilling and completion program over the second half of 2020 in both Basins. Marathon Oil retains flexibility to adjust capital spending plans as necessary in response to a dynamic macro environment.
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