U.S. oil firm, Marathon Oil has reported a second quarter loss in its financial results for 2015.
Oil prices in the second quarter of 2015 were more than 40% lower than a year ago, hitting profits for oil producers across the board.
Marathon has cut its budget, in response to lower crude prices and cancelled or let drilling rig contracts expire, according to news site Reuters.
“Capital spending in the quarter was down about 40 percent sequentially as we’ve moderated activity levels in the U.S. resource plays,” said Marathon Chief Executive Lee Tillman.
Net loss in the second quarter was $386 million, or 57 cents per share, compared with a profit of $360 million, or 53 cents per share, in the same period a year earlier.
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