Marathon Oil Corp. on March 10 slashed its capex by about 30% from a year earlier, as the Houston-based company joins a growing number of shale producers pulling back on drilling plans following a slump in oil prices.

“In response to the recent commodity price volatility from simultaneous supply and demand shocks, we’re taking swift and decisive action to defend our cash flow generation, protect our balance sheet, and fund our dividend,” Lee Tillman, Marathon Oil’s chairman, president, and CEO, said in a statement.

A day earlier, Diamondback Energy Inc. and Parsley Energy Inc. released plans to scale back drilling throughout the year in the Permian Basin, where both companies are focused. Ring Energy Inc. also said it planned to stop drilling in the Northwest Shelf area of the Permian until prices improve.

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