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HOUSTON, Dec. 11 /PRNewswire-FirstCall/ -- On July 31, 2008, Marathon Oil Corporation's (NYSE: MRO) Board of Directors announced that it was evaluating the potential separation of the Company into two strong, independent, publicly traded companies, each focused on its own set of business opportunities. Today, Marathon announced that its Board of Directors has decided to continue to evaluate the separation in order to fully assess the impact of recent changes in the global economic environment and financial markets.

"Our review thus far indicates that a separation of the businesses may enhance shareholder value, however, the recent extreme volatility in the capital and commodity markets requires further evaluation before a decision can be reached. Concluding this evaluation remains a high priority with timing of a decision largely dependent on external market factors," said Clarence P. Cazalot, Jr., Marathon president and CEO.

"Our primary focus through this challenging economic environment is delivering value to our shareholders through disciplined investment in profitable growth and a solid, competitive dividend. Marathon is in a strong financial and operational position and we will maintain flexibility in our spending plans to adjust to market conditions," added Cazalot.

This release contains forward-looking statements with respect to the potential separation of Marathon's businesses. Factors that could affect the potential separation of these businesses include board approval, future financial condition and operating results, and economic, business, competitive and/or regulatory factors affecting our businesses. The foregoing factors (among others) could cause actual results to differ materially from those set forth in the forward-looking statements. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2007, and subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

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