Marathon Oil Corporation Declares Second Quarter 2011 Dividend

Marathon Oil Corporation announced today that the Company’s board of directors has declared a dividend of 15 cents per share on Marathon Oil Corporation common stock. The dividend is payable on Sept. 12, 2011, to stockholders of record on Aug. 17, 2011.

On June 30, Marathon Oil completed the spin-off of its downstream business as a completely independent company, Marathon Petroleum Corporation (NYSE: MPC).

As previously announced, the previous MRO dividend of $0.25 per share per quarter will initially be paid as follows: 60 percent, or $0.15 per quarter, from MRO and 40 percent, or $0.20 per quarter, from MPC. This is reflective of the number of shares outstanding for each company, with approximately twice as many MRO shares outstanding as MPC shares outstanding. Future dividends will be subject to quarterly review by the respective boards.