Marathon Oil (MRO) Provides Q3 Interim Production Update

October 8, 2008 9:08 AM EDT

Marathon Oil Corporation (NYSE: MRO) today provided a Q3 interim production update:

Liquid hydrocarbon and natural gas production sold during Q3 is estimated to be approximately 384,000 barrels of oil equivalent per day, compared to 350,000 boepd during Q2. Liquid hydrocarbon and natural gas production available for sale during Q3 is expected to be approximately 388,000 boepd, above both the initial quarterly guidance of 360,000 to 385,000 boepd, and the 374,000 boepd available for sale in Q2.

Q3 exploration expense overall is forecast to be within previous guidance of $100 to $160 million for the quarter.

For the third quarter 2008, the Company expects a net after-tax gain of $189 million on crude oil derivative instruments intended to mitigate price risk related to sales of synthetic crude oil. The Company estimates it will realize an after-tax loss of approximately $24 million and an unrealized after-tax mark-to-market gain of approximately $213 million. The last of these derivative instruments expire at year end 2009.

The Company estimates its refined products sales volume will average approximately 1,365,000 bpd in Q3 of 2008 compared to 1,440,000 bpd in Q3 of 2007.

Crude oil refined is expected to average approximately 950,000 bpd for Q3, compared to 1,042,000 bpd in Q307. Total refinery throughputs for Q308 are expected to be about 1,150,000 bpd compared to 1,241,000 bpd in Q307.

Marathon Oil Corporation, through its subsidiaries, engages in the exploration, refining, marketing, and transportation of liquid hydrocarbons, natural gas, and other petroleum products worldwide.

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