Shares of Marathon Oil Corporation ( MRO - Free Report ) surged 7.34% in yesterday's trading following the announcement of its capital budget cut.The company recently decided to lower its 2020 capital expenditure again within a month for preserving liquidity amid the twin shocks of coronavirus-forced demand contraction and the oil price war between Russia and Saudi Arabia. Reduction in demand at a time of surplus supply caused a dramatic decline in crude oil prices, which have fallen 58.9% year to date.