Marathon Oil (MRO) Sells 50% Interest in Pilot Travel Centers LLC

September 30, 2008 5:03 PM EDT

Marathon Oil Corporation (NYSE: MRO) has entered into a definitive agreement with Pilot Corporation under which Marathon will sell its 50% ownership interest in Pilot Travel Centers LLC (PTC) to Pilot Corporation in a cash transaction valued at $700 million, excluding any purchase price adjustments due at closing. The companies expect to close the transaction in October 2008.

Gary R. Heminger, Marathon executive vice president and president of the Company's refining, marketing and transportation operations said, "Marathon's decision to sell its interest in PTC is part of our ongoing review of Marathon's global asset portfolio, and is an appropriate time to capture the value created by this partnership. The sale brings our announced pretax sales values, including our previously announced sale of non-core Norwegian assets, to $1.1 billion, which is well on track to achieve our goal of $2 - $4 billion in gross proceeds by mid-year 2009."

Marathon Oil Corporation is engaged in the business of exploration, development and production activities in 11 countries.[SM]

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