Marathon Oil Corporation Announces Increase in Exchangeable Share Ratio

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Feb 17, 2010, 08:42 ET

HOUSTON, Feb. 17 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) announced on Feb. 1, 2010, 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, 2010, to stockholders of record on Feb. 17, 2010.

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 1.07004. The new exchange ratio will take effect on March 10, 2010 and will remain in effect until the next payment of a cash dividend.

The New Exchange Ratio is calculated as follows:

Current Exchange Ratio	1.06109
Increase in Exchange Ratio*	0.00895
New Exchange Ratio	1.07004
Effective Date of the New Exchange Ratio	March 10, 2010

* 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
	John Porretto	713-296-4102
Investor Relations Contacts:	Howard Thill	713-296-4140
	Chris Phillips	713-296-3213