Marathon evaluates splitting in two

31 July 2008 19:44  [Source: ICIS news]

HOUSTON (ICIS news)--Marathon Oil’s board of directors said on Thursday it was evaluating the potential of splitting the energy company into two independent, publicly traded companies.

One company would consist of the Marathon’s exploration and production, integrated gas, and oil sands mining businesses. The other would consist of the refining, marketing and transportation businesses.

The company said the potential separation was a part of its focus on enhancing shareholder value.

Marathon added that the evaluation of two separate companies has been underway internally for several months and it has engaged financial advisors Morgan Stanley, and the law firms of Baker Botts and McKee Nelson as external advisors.

Marathon said it anticipants the results of the evaluation will be reviewed by its board of directors and a decision will be made during the fourth quarter.

If the decision is made to separate in two, Marathon said it would likely occur during the first quarter of 2009.

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By: Brian Balboa
+1 713 525 2653

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