HOUSTON -- Marathon Oil is evaluating the potential separation of
the company into two independent publicly traded organizations, 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.
Marathon has engaged Morgan Stanley, and the law firms of Baker Botts
LLP and McKee Nelson LLP as external advisors. A decision is expected in
the fourth quarter. Should the decision be made to separate, the
separation would likely occur during 1Q 2009, the company says.