Marathon Forecasting Lower Production Rates in 2003 & 2004

Marathon Oil estimates its 2003 and 2004 production will average approximately 390,000 to 395,000 barrels of oil equivalent per day (boepd). This compares to estimated 2002 production of approximately 413,000 boepd.

The 2003 production forecast is less than expected due to project delays in Norway, as well as slower response time for new production in the Powder River Basin. Production for 2004 is less than the previous forecast of 430,000 to 435,000 boepd, due primarily to delayed production response in the Powder River Basin, permitting delays for the onshore facility associated with the Corrib field off the west coast of Ireland, and uncertainty regarding the development of the Ozona deepwater discovery in the Gulf of Mexico.

Commenting on the announcement, Marathon president and CEO, Clarence P. Cazalot, Jr., said, "Marathon's base business continues to perform well and is meeting our expectations. However, due to delays in our growth projects in the Powder River Basin, Norway and Ireland, our overall production for the next two years will be lower than previously anticipated. While we are disappointed with the reduction in our production forecast, we continue to project a significant increase in our proven reserve base to approximately 1.4 billion barrels of oil equivalent by the end of 2004, at competitive finding and development costs."


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