October 29, 2015 / 12:00 PM / 3 years ago

Marathon Oil slashes dividend to save cash amid oil slump

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)

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