Drilling & Completions | Top Story | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Operator Suspends STACK Drilling & Completions; Drops ALL Three Rigs
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Marathon Oil Corp. 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.
Marathon now plans to spend $1.9 billion in 2020.
This is down 21% from its original plan and down 30% from 2019.
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 all operated drilling and completion activity in Oklahoma, where the Company is currently running three rigs and one frac crew Meaningfully reduce operated drilling and completion activity in the Northern Delaware, where the Company is…- ✓ Full news archive — U.S., Canada & international coverage
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