Marathon Oil Corporation
Marathon's principal operating subsidiaries are Marathon Oil Company and Marathon
Ashland Petroleum LLC ('MAP'). Marathon Oil Company and its predecessors have
been engaged in the oil and gas business since 1887. MAP is 62-percent owned by
Marathon and 38-percent owned by Ashland Inc.
Marathon is engaged in worldwide exploration and production of crude oil and
natural gas; domestic refining, marketing and transportation of crude oil and
petroleum products primarily through MAP; and other energy related businesses.
Exploration and Production
Marathon is currently conducting exploration and development activities in
nine countries.
Refining, Marketing and Transportation
RM&T operations are primarily conducted by MAP and its subsidiaries, including
its wholly owned subsidiaries, Speedway SuperAmerica LLC ('SSA') and Marathon
Ashland Pipe Line LLC.
Other Energy Related Businesses
Marathon operates other businesses that market and transport its own and third-party
natural gas, crude oil and products manufactured from natural gas, such as LNG
and methanol, primarily in the United States, Europe and West Africa.
Competition and Market Conditions
Strong competition exists in all sectors of the oil and gas industry and, in
particular, in the exploration and development of new reserves. Marathon competes
with major integrated and independent oil and gas companies for the acquisition
of oil and gas leases and other properties, for the equipment and labor required
to develop and operate those properties and in the marketing of oil and natural
gas to end-users. Many of Marathon's competitors have financial and other resources
greater than those available to Marathon. As a consequence, Marathon may be
at a competitive disadvantage in bidding for the rights to explore for oil and
gas.