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Marathon Oil Provides Information on Divestitures and Acquisitions

Marathon Oil Provides Information on Divestitures and Acquisitions

HOUSTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:
MRO) is providing additional information on completed, announced and potential
divestitures and acquisitions.

As previously announced, Marathon Oil anticipates divestitures of $1.5 billion
to $3 billion over the period of 2011 through 2013 in an ongoing effort to
optimize the Company's portfolio for profitable growth. To date, the Company
has entered into agreements for approximately $1.1 billion in divestitures, of
which more than $700 million have been completed.

Included in the $1.1 billion noted above is the pending sale of the Company's
Alaska Cook Inlet assets for $375 million, subject to purchase price
adjustments. This transaction is currently under review by the Federal Trade
Commission and the Alaska Attorney General's office, which could impact the
closing of this transaction.

In addition to these efforts, Marathon Oil has engaged in discussions with
respect to a potential sale of a portion of the Company's 20 percent
outside-operated interest in the Athabasca Oil Sands Project in Alberta,
Canada. Given the uncertainty of such a transaction, potential proceeds have
not been included in the Company's guidance of $1.5 billion to $3 billion in
divestitures.

After making a substantial investment in the South Texas Eagle Ford resource
play in 2011, Marathon Oil has acquired or reached agreements in principle to
acquire almost 25,000 additional net acres in the core of the play at an
approximate cost of $1 billion so far in 2012. The two major transactions were
the acquisition of Paloma Partners II LLC, whereby the Company acquired over
17,100 net acres at a cost of $750 million, and a pending acquisition of
approximately 4,300 net acres for a currently estimated $227 million, both
excluding purchase price adjustments. The Paloma acquisition closed in August,
while the pending transaction is expected to close in the fourth quarter 2012.
The acreage in the pending acquisition overlaps Marathon Oil operated acreage,
is currently producing 2,900 net barrels of oil equivalent per day (BOED) and
will add 40 net drilling locations to Marathon Oil's inventory.

This is expected to bring Marathon Oil's position in the core of this liquids
resource play to approximately 225,000 net acres. The Company has an
additional 100,000 non-core net acres, which the Company is currently
marketing for sale. The disposition of this acreage will not impact the
Company's previously disclosed target of 120,000 BOED by 2016 from the Eagle
Ford.

The Company will host its previously announced third quarter financial results
webcast and conference call on Tuesday, Nov. 6 at 2:00 EST. The Company
anticipates providing an expanded update on current operations across its
resource plays and exploration prospects. The webcast is expected to last
approximately 90 minutes and can be accessed at http://www.Marathonoil.com.

                                     ###

This release contains forward-looking statements with respect to projected
asset dispositions, the sale of the Company's Alaska assets, discussions with
respect to a potential sale of a portion of the Company's 20 percent interest
in the Athabasca Oil Sands Project (AOSP), an additional acquisition in the
Eagle Ford resource play, marketing of 100,000 net non-core acres in the Eagle
Ford resource play and production estimates for the Eagle Ford resource play.
The projected asset dispositions are based on current expectations, estimates
and projections and are not guarantees of future performance. Actual results
may differ materially from these expectations, estimates and projections and
are subject to certain risks, uncertainties and other factors, some of which
are beyond the Company's control and difficult to predict. The completion of
the sale of the Company's Alaska assets is subject to necessary government and
regulatory approvals and customary closing conditions. The potential sale of
a portion of the Company's interest in the AOSP and the potential sale of
100,000 net non-core acres in the Eagle Ford resource play are subject to
successful negotiations and execution of definitive agreements. The
additional acquisition in the Eagle Ford resource play is subject to execution
of final agreements and to customary closing conditions. Factors that could
affect the expected production in the Eagle Ford include pricing, supply and
demand for liquid hydrocarbons and natural gas, the amount of capital
available for exploration and development, regulatory constraints, timing of
commencing production from new wells, drilling rig availability, unforeseen
hazards such as weather conditions, acts of war or terrorist acts and the
governmental or military response thereto, and other geological, operating and
economic considerations. The foregoing factors (among others) could cause
actual results to differ materially from those set forth in the
forward-looking statements. 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, 2011, 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.

CONTACT: Media Relations Contacts
         Lee Warren: 713-296-4103
         John Porretto: 713-296-4102
        
         Investor Relations Contacts
         Howard Thill: 713-296-4140
         Chris Phillips: 713-296-3213
 
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