Marathon Oil Corp.

Marathon Oil Corporation has entered into a transaction to redeem at par the outstanding $1 billion of 5.125 percent municipal revenue bonds due in 2037. This transaction will reduce gross debt by $1 billion and annual cash interest expense by $51 million while preserving the ability to remarket up to $1 billion of the tax-exempt municipal bonds to third parties between closing and the maturity date of 2037. Marathon Oil's gross debt has been reduced by approximately $1.75 billion, and annual cash interest expense has been reduced by approximately $115 million.