Marathon to Repurchase $2 Billion in Stock
Marathon Oil Corporation (NYSE: MRO) announced that its board of directors has authorized the repurchase of up to $2 billion of the Company's Common Stock over a period of two years. Based upon the closing market price of Marathon common stock on Friday, Jan. 27, 2006, this would amount to approximately 7.25 percent of current shares outstanding.
Such purchases would be made during this period as the Company's financial condition and market conditions warrant. Any purchases under the program may be in either open market transactions, including block purchases, or in privately negotiated transactions. The repurchase program does not include specific price targets or timetables, and is subject to termination prior to completion. Marathon will use cash on hand, cash generated from operations, or cash from available borrowing to acquire shares. At year-end 2005, Marathon had cash on hand of approximately $2.6 billion. Shares of stock repurchased under the program will be held as treasury shares.
Marathon also announced that the Company's board of directors has declared a dividend of 33 cents per share on Marathon Oil Corporation Common Stock. The dividend is payable March 10, 2006, to stockholders of record at the close of business February 16, 2006.
Operates 4 Offshore Rigs
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