Marathon Oil Corp. said stabilization in commodity prices enabled the company to raise its full-year oil production outlook even as it keeps costs in check and further lowers its capital expenditure (capex) plans.

Houston-based Marathon — which works in Oklahoma, the Delaware Basin and the Bakken and Eagle Ford shales — raised slightly its 2020 oil production guidance to 190,000 net b/d at the midpoint, inclusive of curtailments.

While the super independent’s operations remain largely on hold in Oklahoma and the Delaware following the demand destruction caused by the coronavirus pandemic, it is ramping back up in the Bakken and Eagle Ford.

“After a pause and completion in drilling activity during the second quarter, in July, we successfully transitioned back to work and...