October 9, 2008
Marathon Completes Sale of Its Ownership Interest in Pilot Travel Centers
HOUSTON, Oct. 9 /PRNewswire-FirstCall/ -- Marathon Oil Corporation 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.
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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
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Marathon Oil Corporation
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 OilCorporation
Web site: http://www.marathon.com/