Friday, July 31, 2026
Marathon Oil cuts capital spending by 20 percent after crude prices collapse- oil and gas 360

Marathon Oil cuts capital spending by 20 percent after crude prices collapse

Houston Chronicle Houston exploration and production company Marathon Oil on Tuesday said it is cutting its 2020 drilling budget by 20 percent, a day after oil prices collapsed to almost $30 per barrel. In reducing planned capital spending to $1.9 billion from $2.4 billion, Marathon said it would spend $1.7 billion on drilling, hydraulic fracturing and other activities in the

Oil falls as Saudi, UAE plan for higher output capacity- oil and gas 360

Oil falls as Saudi, UAE plan for higher output capacity

Reuters LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak. Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas

U.S. crude oil inventories decrease by 2.0 million barrels- oil and gas 360

U.S. crude oil inventories increase by 7.7 million barrels

Weekly Crude Oil Storage as of March 6, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.7 million barrels from the previous week. At 451.8 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year, according to the EIA crude oil and petroleum weekly