Oct 29 (Reuters) - Oil producer Marathon Oil Corp (N:MRO)
said it is cutting its quarterly dividend to 5 cents per share
from 21 cents, to shore up finances amid a prolonged crude price
slump.
The dividend cut is expected to increase annual free cash
flow by more than $425 million, Marathon Oil said on Thursday.
The company is also planning to divest at least $500 million
of non-core assets.
Chesapeake Energy Corp (N:CHK), the second-largest U.S.
natural gas producer, said in July it will suspend dividend
payments to save up to $240 million a year.