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Marathon Oil Corporation

Marathon Oil Corporation is engaged in the worldwide exploration and production of crude oil and natural gas, as well as the domestic refining, marketing and transportation of petroleum products. Headquartered in Houston, Texas, US, Marathon is among the leading energy industry players, applying innovative technologies to discover valuable energy resources and deliver the highest quality products to the marketplace. With operations that embrace four continents, Marathon strives to be the company of choice for investors, partners, customers, neighbours and employees in the areas in which we do business.

In January 2002, we began a new era for Marathon. The separation of USX Corporation into two independent businesses saw the creation of Marathon Oil Corporation as a new stand alone energy company on Wall Street. We are excited about the opportunities to grow and prosper that this restructuring provides.

Our vision and strategy

At Marathon, our vision is to be recognised as a pacesetter in creating sustainable value growth through innovative energy solutions and unique partnerships. To realise this vision, we are applying a differentiated business model that takes us beyond a conventional integrated oil business.

By adding an integrated gas component to a strong exploration and production business and a best-in-class retail, refining and marketing segment, we have gained access to a new suite of opportunities that differentiates us from the competition. Integrated gas will provide a third-income stream disconnected from the volatility of upstream commodity prices and downstream margins, adding greater stability and balance to our portfolio.

In implementing this new business model we aim to use our size to an advantage - linking our technical strength, commercial skills and international stature with the speed and agility of a small enterprise and a willingness to do things differently.

2003 highlights

Continued exploration success:
- Made nine discoveries offshore: Angola (3), Norway (3), Gulf of Mexico (2) and Equatorial Guinea (1)

Maintained financial discipline and flexibility:
- Completed non-core asset rationalisation program generating proceeds over $1.2 billion
- Initiated business transformation process with projected annual savings of $135 million starting in 2004
- Lowered the company’s cash adjusted debt-to-capital ratio to approximately 33 per cent at year-end
- Increased quarterly dividend from 23 to 25 cents per share

Established and strengthened core areas:
- Achieved 2003 reserve replacement in excess of 120 per cent, excluding dispositions
- Established core growth area in Russia with acquisition of Khanty Mansiysk Oil Corporation
- Began production from Equatorial Guinea Phase 2A condensate expansion project and continued progress on Phase 2B liquefied petroleum gas (LPG) expansion
- Acquired interests in three additional Norwegian production licenses

Advanced integrated gas strategy:
- Signed heads of agreement with Equatorial Guinea government and GEPetrol covering fiscal terms of a proposed liquefied natural gas (LNG) project in Equatorial Guinea
- Signed letter of understanding (LOU) with BG Group for long-term LNG offtake agreement for proposed LNG project in Equatorial Guinea
- Signed statement of intent with Qatar Petroleum to study a gas-to-liquids (GTL), LPG and condensate project in Qatar

Strengthened Marathon Ashland Petroleum LLC (MAP):
- Began an expansion project to increase the capacity of the Detroit, Michigan refinery by 26,000 barrels per day (bpd)
- Neared completion of Catlettsburg, Kentucky refinery repositioning project
- Increased refinery efficiencies and feedstock throughputs at Garyville, Louisiana and Texas City, Texas
- Enhanced logistics network with acquisition of additional interest in the Centennial Pipeline and start-up of the Cardinal Products Pipeline
- Pilot Travel Centers acquired 60 Williams travel centres

For more information, please visit our website:
www.marathon.com

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