Marathon Oil becomes the first major shale producer to cut its quarterly dividend, reducing it by 76% in an effort to prop up cash holdings as oil prices hold below $50 a barrel. (Bloomberg) — Marathon Oil Corp. became the first major shale producer to cut its quarterly dividend, reducing it by 76 percent in an effort to prop up cash holdings as oil prices hold below $50 a barrel. The move signals that oil producers’ priorities may be shifting again as the downturn drags on another year. Companies’ zeal to protect their dividends from deep cost cuts has come at the expense of growth as investment in future production was reeled back. With the prolonged market rout, even dividends won’t be invincible, said Carl Larry, head of oil and gas for Frost & Sullivan LP. “When you see major companies cutting dividends, that’s telling you things are bad,” […]