Marathon Evaluating Separation of Businesses
HOUSTON, July 31 /PRNewswire-FirstCall/ -- The Board of Directors of Marathon Oil Corporation (NYSE: MRO) announced today that as part of its continuing focus to enhance shareholder value, they are evaluating the potential separation of Marathon into two strong independent publicly traded companies, each focused on its own set of business opportunities. One entity would consist of the Company's Exploration and Production, Integrated Gas, and Oil Sands Mining businesses; and the other entity would consist of the Company's Refining, Marketing and Transportation business.
While this evaluation has been underway internally for several months, the Company has taken the additional step of engaging financial advisors Morgan Stanley, and the law firms of Baker Botts LLP and McKee Nelson LLP as external advisors. It is anticipated that the results of this effort will be reviewed by the Board of Directors and a decision will be made during the fourth quarter 2008. Should the decision be made to separate, the separation would likely occur during the first quarter 2009.
As previously announced, Marathon will hold its quarterly earnings conference call and webcast today, Thursday, July 31, at 2 p.m. EDT. Interested parties can listen to the conference call/webcast by visiting Marathon's website at www.Marathon.com and clicking on the "2008 Second Quarter Financial Results Conference Call" link. Replays will be available on the website through Aug. 14.
Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Marathon, which is based in Houston, has principal operations in the United States, Angola, Canada, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation's fifth largest refiner.
This release contains forward-looking statements with respect to the evaluation of separating Marathon Oil Corporation into two distinct businesses. Some factors that could potentially affect these forward-looking statements include board approval, future financial condition and operating results, and economic, business, competitive and/or regulatory factors affecting Marathon's businesses. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2007, and subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Media Relations Contacts:
Lee Warren 713-296-4103
Paul Weeditz 713-296-3910
Investor Relations Contacts:
Howard Thill 713-296-4140
Michol Ecklund 713-296-3919
Chris Phillips 713-296-3213
SOURCE Marathon Oil Corporation
CONTACT: Media Relations: Lee Warren, +1-713-296-4103, or Paul Weeditz,
+1-713-296-3910; Investor Relations: Howard Thill, +1-713-296-4140,
Chris Phillips, +1-713-296-3213, or Michol Ecklund, +1-713-296-3919,
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