Marathon Oil considers splitting into two companies

By Lisa Kerner

Charlotte, N.C., July 31 - Marathon Oil Corp. is evaluating separating into two independent publicly traded companies.

One company would consist of Marathon's exploration and production, integrated gas, and oil sands mining businesses, while the other would consist of the company's refining, marketing and transportation business.

Marathon said the evaluation has been underway internally for several months. The company engaged financial adviser Morgan Stanley and the law firms of Baker Botts LLP and McKee Nelson LLP as external advisers.

According to a Marathon news release, the company's board of directors will review the evaluation results and make a decision during the fourth quarter of 2008.

Any separation is likely to occur during the first quarter 2009, the company added.

Marathon is a Houston-based integrated international energy company.

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