HOUSTON, Oct. 9 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that it has completed the sale of its 50
percent ownership interest in Pilot Travel Centers LLC (PTC) to Pilot
Corporation and CVC Capital Partners, a leading global private equity firm,
in a transaction valued at approximately $700 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO )
Marathon's decision to sell its interest in PTC is part of its ongoing
review of the Company's global asset portfolio. The sale brings announced
pretax sales values, including the previously announced sale of non-core
Norwegian assets, to $1.1 billion, which is well on track to achieve the
Company's goal of $2 - $4 billion in gross proceeds by mid-year 2009.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon, which is based in
Houston, has principal operations in the United States, Angola, Canada,
Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United
Kingdom. Marathon is the fourth largest United States-based integrated oil
company and the nation's fifth largest refiner.
This release contains forward-looking statements with respect to the
goal of achieving $2 - $4 billion in gross proceeds from asset dispositions
by mid-year 2009. Some factors that could potentially affect the projected
asset dispositions include changes in prices of and demand for crude oil,
natural gas and refined products, actions of competitors, future financial
condition and operating results, and economic, business, competitive and/or
regulatory factors affecting Marathon's businesses. 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, 2007, and subsequent Forms 10-Q and
8-K, cautionary language identifying other 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.
Media Relations Contact: Lee Warren 713-296-4103
Paul Weeditz 713-296-3910
Investor Relations Contacts: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Lee Warren, +1-713-296-4103, Paul
Weeditz, +1-713-296-3910, or Investors, Howard Thill,
+1-713-296-4140, Chris Phillips +1-713-296-3213, or Michol
Ecklund, +1-713-296-3919, all for Marathon Oil Corporation
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