Marathon Returns Petronius to Production

Marathon Oil reports that its Hurricane Ivan-damaged Petronius platform in the Gulf of Mexico has resumed production. Currently, Petronius is producing at approximately 75 percent of pre-Hurricane Ivan rates of some 53,000 gross barrels of oil equivalent per day, with efforts underway to ramp up production to pre-Ivan levels by the end of March.

As Hurricane Ivan approached the Alabama Gulf Coast in the fall of 2004, its eye passed almost directly over Petronius. Significant damage occurred to the rig crew quarters, production equipment, and deck structures.

Petronius is located approximately 130 miles (200 km) southeast of New Orleans. Prior to Hurricane Ivan, Petronius averaged 42,000 gross barrels of crude oil and 65 million gross cubic feet of natural gas per day.

ChevronTexaco is the operator of Petronius with a 50 percent interest, with Marathon holding the remaining 50 percent interest.