The company is reducing spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same. (Bloomberg) — Marathon Oil Corp. is reducing its capital spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same with oil prices trading at depressed levels as demand suffers due to coronavirus. Capital expenditures in 2020 are now seen at $1.3 billion, a cumulative budget reduction of $1.1 billion from initial capital spending guidance for the year, according to a statement by the Houston-based company on Wednesday. Marathon joins drillers including EOG Resources Inc. and Murphy Oil Corp. and oil majors Exxon Mobil Corp. and Chevron Corp. in slashing budgets in response to U.S. crude oil trading in the $20-a-barrel range, down more than 50% since the start of the year. Marathon plans to take “frac holidays in both […]