Marathon Oil Corp.

A public offering of 4.4% senior notes that will mature on July 15, 2027, was priced to 99.634% of the principal amount. Net proceeds, plus cash on hand, will redeem $682 million of 6% notes due in 2017; $854 million of 5.9% notes due in 2018; and $228 million of 7.5% notes due in 2019. The offering and redemption will reduce gross debt of about $750 million and generate annual cash interest savings. Concurrently, Marathon terminated a notional amount of $750 million in interest rate hedges related to the offering and extended the maturity of revolving credit facility by one year to 2021, upsizing to $3.4 billion from $3.3 billion. Underwriters are J.P. Morgan Securities LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities LLC and TD Securities (USA) LLC as joint book-running managers.