Marathon Oil Corporation Provides Asset Divestiture Update
HOUSTON, May 23, 2013 (GLOBE NEWSWIRE) -- As previously announced, Marathon
Oil Corporation (NYSE: MRO) had 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 (AOSP) in Alberta, Canada. An
agreement was not reached with the prospective purchaser and negotiations have
Marathon Oil is not engaged in further discussions with respect to a potential
sale of these assets;however, the Company willcontinue to evaluate ways to
optimize its portfolio for profitable growth and to deliver value to
shareholders.As such,theCompany's stated goal of divesting between $1.5
billion and $3 billion in assets over the period of 2011 through 2013 remains
intact. As of May 22, 2013, Marathon Oil has agreed upon or closed on
approximately $1.3 billion in divestitures.
This release contains forward-looking statements with respect to projected
asset dispositions through 2013. These statements are based on current
expectations, good faith 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 risks,
uncertainties and other factors, some of which are beyond the Company's
control and difficult to predict. 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, 2012, and subsequent Forms 10-Q and 8-K, cautionary
language identifying 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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