Marathon Oil Closes Transaction for Sale of Norway Business

HOUSTON, Oct. 15, 2014 (GLOBE NEWSWIRE) — Marathon Oil Corporation (NYSE: MRO) announced today it has

closed the transaction with Det norske oljeselskap ASA for the sale

of Marathon Oil Norge AS for a total transaction value of $2.7

billion. After adjustment for debt, net working capital and

interest on the net purchase price, Marathon Oil received proceeds

of approximately $2.1 billion. The effective date of the

transaction is Jan. 1, 2014.

“The sale of the Norway business was one of Marathon Oil’s

strategic priorities for 2014 and a continuation of our portfolio

optimization strategy,” said Lee M. Tillman, Marathon Oil’s

president and CEO. “The successful closing of this transaction

simplifies and concentrates our portfolio, and further demonstrates

our commitment to rigorous portfolio management. Importantly,

organic reinvestment is our first priority for the proceeds, and we

have the depth of resource and future drilling inventory to support

it.

“This ability to execute on our strategy and deliver

industry-leading results is the foundation for Marathon Oil

becoming the premier independent exploration and production

company,” he emphasized. 

The Norway sale includes the operated Alvheim floating

production, storage and offloading (FPSO) vessel, 10

Company-operated licenses and a number of non-operated licenses on

the Norwegian Continental Shelf in the North Sea. Full-year 2013

net production in Norway averaged approximately 80,000 barrels of

oil equivalent (BOE) per day.

Marathon Oil Corporation is a global exploration and production

company. Based in Houston, Texas, the Company had net proved

reserves at the end of 2013 of 2.2 billion barrels of oil

equivalent in North America, Europe and Africa. For more

information, please visit our website at http://www.marathonoil.com.

# # #

This release contains forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933, as amended,

and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are statements other than statements of

historical fact that give current expectations or forecasts of

future events, including but not limited to Marathon Oil’s

operational, financial and growth strategies, ability to

successfully effect those strategies and the expected results

therefrom, the expected use of proceeds from the sale, statements

related to Marathon Oil’s resources and future drilling inventory,

and Marathon Oil’s intention to become the premier independent

exploration and production company. While Marathon Oil believes

that the assumptions concerning future events are reasonable, a

number of factors could cause results to differ materially from

those indicated by such forward-looking statements including, but

not limited to:conditions in the oil and gas industry, including

pricing, supply and demand for liquid hydrocarbons and natural gas,

changes in political or economic conditions in key operating

markets, including international markets, the amount of capital

available for exploration and development, timing of commencing

production from new wells, drilling rig availability, availability

of materials and labor, the inability to obtain or delay in

obtaining necessary government or third-party approvals and

permits, non-performance by third parties of their contractual

obligations, unforeseen hazards such as weather conditions, acts of

war or terrorist acts and the governmental or military response

thereto, changes in safety, health, environmental and other

regulations, and other geological, operating and economic

considerations. These forward-looking statements are also affected

by the risk factors, forward-looking statements and challenges and

uncertainties described in Marathon Oil’s Annual Report on Form

10-K for the year ended December 31, 2013, and those set forth from

time to time in Marathon Oil’s filings with the Securities and

Exchange Commission, which are currently available at

www.marathonoil.com. Except as required by law, Marathon Oil

expressly disclaims any intention or obligation to revise or update

any forward-looking statements whether as a result of new

information, future events or otherwise.

CONTACT: Media Relations Contacts

         Lee Warren: 713-296-4103

         Lisa Singhania: 713-296-4101



         Investor Relations Contact

         Chris Phillips: 713-296-3213

Source: Marathon Oil Corporation

News Provided by Acquire Media

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