Marathon Oil CEO Lee Tillman Updates Progress on Strategic Priorities for 2014; Initiating Additional $500 Million Share

Marathon Oil CEO Lee Tillman Updates Progress on Strategic Priorities for
2014; Initiating Additional $500 Million Share Repurchase

HOUSTON, March 24, 2014 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:
MRO) President and CEO Lee M. Tillman, at the 2014 Howard Weil conference
today in New Orleans, will outline progress the Company has achieved in
executing its strategic business plans. The accompanying slide presentation
will be available on the Company's website at http://www.marathonoil.com.

In his remarks Tillman will update the status of three key priorities for the
Company's 2014 plans, which were announced at its December 2013 Analyst Day
meeting:

  *Accelerated rig activity in Eagle Ford, Bakken and Oklahoma Woodford;
    successfully ramped up to 28-rig program in January
  *Opened data room for marketing of North Sea businesses with bids due in
    the second quarter
  *Completed second phase of $1 billion share repurchase associated with
    close of Angola Block 31 divestment; initiating an additional $500 million
    share repurchase

"Three months ago at our Analyst Day, we detailed Marathon Oil's strategic
plans to achieve profitable growth and competitive returns for shareholders.
Since then we've advanced essential aspects of our 2014 agenda," Tillman said.

"We ramped up drilling and completion activity levels across all three of our
North American resource plays, achieving our committed 28-rig program in
January. We continue to have high confidence in our ability to deliver on our
North America long-term production growth targets underpinned by strong
resource growth through downspacing and well optimization. In addition, we are
progressing the evaluation and appraisal of co-development opportunities with
the Eagle Ford's Austin Chalk and the Bakken's deeper Three Forks benches. In
the Oklahoma resource basins, we are actively developing our South Central
Oklahoma Oil Province (SCOOP) acreage while assessing the Southern Mississippi
Trend and Granite Wash horizons - all of which could further expand our
current resource estimates.

"The marketing of our United Kingdom (UK) and Norway North Sea businesses is a
continuation of our portfolio optimization to simplify and concentrate our
portfolio toward higher margin and higher growth opportunities. This effort is
progressing on plan with the data room open and bids expected in the second
quarter.

"And finally, our share repurchase program underscores Marathon Oil's
commitment to capital discipline and creating long-term value for our
shareholders. Since September 2013, the Company has completed a two-phased
repurchase of $1 billion of the Company's common stock representing 29 million
shares. Most recently, the second phase was completed following the February
closing of the Angola Block 31 transaction," Tillman said. "Now Marathon Oil
is initiating an additional $500 million share repurchase, after which we will
have $1.5 billion remaining on the board authorized share repurchase program."

                                     ###

This release contains forward-looking statements with respect to future
drilling plans, the possible sale of the UK and Norway North Sea businesses,
and the common stock repurchase program. Factors that could potentially affect
the future drilling plans include pricing, supply and demand for liquid
hydrocarbons and natural gas, the amount of capital available for exploration
and development, regulatory constraints, drilling rig availability,
availability of materials and labor, the inability to obtain or delay in
obtaining necessary government or third-party approvals and permits,
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 possible sale of the UK and Norway
North Sea businesses is subject to the identification of one or more buyers,
board approval, successful negotiations and execution of definitive
agreements. 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,
2013, 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
         Lee Warren: 713-296-4103
         John Porretto: 713-296-4102
        
         Investor Relations Contacts
         Chris Phillips: 713-296-3213
 
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