Marathon’s Rise Shows Oil Investors Shrug Off Some Dividend Cuts
- Becomes first major crude oil producer to reduce dividend
- Oil majors defending dividend while cutting other costs
Marathon Oil Corp.'s Garyville Refinery in Garyville, Louisiana.
Photographer: Patrick Semansky/BloombergThis article is for subscribers only.
Investors today are making one thing very clear: they don’t care much about the dividends of shale companies.
Marathon Oil Corp., one of the biggest drillers in Texas’s prolific Eagle Ford formation, rose 1.3 percent today after slashing its quarterly dividend by 76 percent to 5 cents a share. It’s the first major producer in shale oil to do so.