Marathon Oil Corporation Announces Increase in Exchangeable Share Ratio
HOUSTON, Aug. 19 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) announced on July 29, 2009, that the Company's board of directors declared a dividend of 24 cents per share on Marathon Oil Corporation's common stock. The dividend is payable September 10, 2009 to stockholders of record August 19, 2009.
In connection with Marathon's acquisition of Western Oil Sands Inc. and the terms of the provisions applicable to the exchangeable shares, the ratio at which exchangeable shares may be exchanged for shares of Marathon common stock is subject to adjustment to account for cash dividends paid on Marathon common stock that are not matched by dividends paid to holders of the exchangeable shares.
For former shareholders of Western Oil Sands Inc. who hold exchangeable shares, the new exchange ratio is 1.05378. The new exchange ratio will take effect on September 10, 2009 and will remain in effect until the next payment of a cash dividend.
The New Exchange Ratio is calculated as follows:
Current Exchange Ratio 1.04560
Increase in Exchange Ratio* 0.00818
New Exchange Ratio 1.05378
Effective Date of the New Exchange Ratio September 10, 2009
* The increase in the Exchange Ratio is calculated by multiplying the
Marathon dividend per share of common stock by the Opening Exchange Ratio
and dividing by the five day weighted average trading price of MRO common
stock on the date that is three business days prior to the Marathon
dividend record date.
Media Relations Contacts: Leslie Hiltabrand 713-296-4102
Paul Weeditz 713-296-3910
Investor Relations Contacts:
Howard Thill 713-296-4140
Chris Phillips 713-296-3213
