Marathon Oil Announces Share Repurchases, Asset Divestiture and Acquisition Update

Marathon Oil Announces Share Repurchases, Asset Divestiture and Acquisition
Update

HOUSTON, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:
MRO) today announced it is moving forward with plans to repurchase $1 billion
of the Company's common stock pursuant to its outstanding share repurchase
authorization. Unrelated to the share repurchase, the Company also announced
an intent to sell its interest in Block 32 offshore Angola for approximately
$590 million and the acquisition of approximately 4,800 net acres in the core
of its south Texas Eagle Ford position for approximately $97 million,
including carried interest of approximately $23 million.

The $1 billion in share repurchases will be completed in two phases. The
initial phase of $500 million in common stock repurchases is substantially
complete. The second $500 million phase is anticipated to be completed after
closing the previously announced sale of its 10 percent working interest in
Block 31 offshore Angola. That transaction, with a total value of
approximately $1.5 billion, excluding any purchase price adjustments, is
anticipated to close in the fourth quarter of 2013, with an effective date of
Jan. 1, 2013.

Marathon Oil has reached an agreement in principle to sell its 10 percent
working interest in the Production Sharing Contract and Joint Operating
Agreement in Block 32 offshore Angola to Sonangol E.P. The transaction has a
total value of approximately $590 million, excluding any purchase price
adjustments. Pending execution of definitive agreements and government
approval, the transaction is expected to close in the fourth quarter of 2013,
with an effective date of Jan. 1, 2013.

"The share repurchases underscore our commitment to financial discipline and
creating long-term value for our shareholders," said Lee M. Tillman, Marathon
Oil president and CEO. "With the anticipated sale of our interest in Angola
Block 32, we have now completed or agreed to divestitures totaling
approximately $3.5 billion, surpassing the $3 billion upper end of our stated
three-year target. We continue to evaluate our portfolio for high-grading
opportunities and expect that process to remain evergreen and integral to our
forward business plans."

Following the $1 billion of share repurchases, Marathon Oil will have
approximately $800 million remaining on the board authorized share repurchase
program. The program may be changed based upon the Company's financial
condition or changes in market conditions and is subject to termination prior
to completion. The program's authorization does not include specific price
targets or timetables.

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This release contains forward-looking statements with respect to our common
stock repurchase program and the sales of the Company's 10 percent working
interests in Blocks 31 and 32 offshore Angola. The sale of the Company's 10
percent working interest in Block 31 offshore Angola is subject to the
satisfaction of customary closing conditions and obtaining necessary
government, regulatory and third-party approvals. The sale of the Company's 10
percent working interest in Block 32 offshore Angola is subject to the
execution of definitive agreements, the satisfaction of customary closing
conditions and obtaining necessary government, regulatory and third-party
approvals. The statements about the Company's common stock repurchase program
are based on current expectations, estimates and projections and are not
guarantees of future performance. Some factors that could cause actual results
to differ materially with respect to the common stock repurchase program are
changes in prices of and demand for liquid hydrocarbons and natural gas,
actions of competitors, disruptions or interruptions of our production
operations due to unforeseen hazards such as weather conditions, acts of war
or terrorist acts and the governmental or military response, and other
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,
2012, and subsequent Forms 10-Q and 8-K, cautionary language identifying other
important factors, though not necessarily all such factors, that could cause
actual results to differ materially from those set forth in the
forward-looking statements.

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