Oct 29 (Reuters) - Oil producer Marathon Oil Corp 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, the second-largest U.S. natural gas producer, said in July it will suspend dividend payments to save up to $240 million a year. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D‘Souza)