Marathon Announces Q2 Dividend, Accelerates Stock Repurchase

Marathon Oil Corp. said that the company's board of directors has declared a dividend of 40 cents per share on Marathon Oil Corp. Common Stock. The dividend is payable September 11, 2006, to stockholders of record at the close of business August 16, 2006.

Marathon also announced that its $2 billion common stock repurchase program was being accelerated. The company currently anticipates repurchasing approximately $1.5 billion of its common stock by December 31, 2006, with the balance of the shares being repurchased in 2007. This program may be changed based on the company's financial condition or changes in market conditions and is subject to termination prior to completion. Through June 30, 2006, approximately 7.3 million shares were repurchased at a cost of approximately $554 million.