HOUSTON, Feb. 20 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced on Jan. 28, 2008, that the Company's board of
directors declared a dividend of 24 cents per share on Marathon Oil
Corporation's common stock. The dividend is payable March 10, 2008 to
stockholders of record Feb. 20, 2008.
In connection with Marathon's acquisition of Western Oil Sands Inc. and
the terms of the provisions applicable to the exchangeable shares, the
ratio at which exchangeable shares may be exchanged for shares of Marathon
common stock is subject to adjustment to account for cash dividends paid on
Marathon common stock that are not matched by dividends paid to holders of
the exchangeable shares.
For former shareholders of Western Oil Sands Inc. who hold exchangeable
shares, the new exchange ratio is 1.00909. The new exchange ratio will take
effect on March 10, 2008 and will remain in effect until the next payment
of a cash dividend.
The New Exchange Ratio is calculated as follows:
Opening Exchange Ratio 1.00423
Increase in Exchange Ratio* 0.00486
New Exchange Ratio 1.00909
Effective Date of the New Exchange Ratio March 10, 2008
* The increase in the Exchange Ratio is calculated by multiplying the
Marathon dividend per share of common stock by the Opening Exchange Ratio
and dividing by the five day weighted average trading price of MRO common
stock on the date that is three business days prior to the Marathon
dividend record date.
Media Relations Contacts: Lee Warren 713-296-4103
Scott Scheffler 713-296-4102
Investor Relations Contacts: Howard Thill 713-296-4140
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com/
CONTACT:
Media, Lee Warren, +1-713-296-4103, or Scott
Scheffler, +1-713-296-4102, or Investor Relations, Howard Thill,
+1-713-296-4140, or Michol Ecklund, +1-713-296-3919, all of
Marathon Oil Corporation
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