Killajoules

Air Products Meets Increased Hydrogen Needs at Marathon’s Garyville, La. Refinery
Air Products (NYSE: APD), the leading global hydrogen provider, today announced it will increase supply of hydrogen to Marathon Petroleum Company LP, a subsidiary of Marathon Oil Corporation (NYSE: MRO), at Marathon’s Garyville, La. refinery. The increased supply of hydrogen, required to meet production demands at the refinery, will occur in two increments with the first in 2011, and the second in 2012. In all, Air Products will increase the current level of supply from its Garyville hydrogen facility and its extensive Gulf Coast hydrogen pipeline network to Marathon’s refinery by approximately 25 million standard cubic feet per day.

Kenai LNG Plant to be Closed
ConocoPhillips announced yesterday that the company will cease LNG exports from the Kenai LNG Plant, and will begin mothballing the facility for any potential future use. Despite the plant receiving an additional export license that authorizes exports through March 2013, due to current market conditions ConocoPhillips has been unable to negotiate the commercial arrangements that would be necessary to allow for continued operation of the plant as an LNG export facility past April/May of this year.

Marathon Sets 2011 Capital, Investment and Exploration Budget
Marathon Oil Corporation (NYSE: MRO) announced today a $5.267 billion capital, investment and exploration budget for 2011, consistent with prior guidance and a 9 percent increase from 2010 capital spending.

Marathon Proceeding with Firm Plan to Create Two Strong Independent Companies
The Board of Directors of Marathon Oil Corporation (Marathon) (NYSE: MRO) announced today that it has approved moving forward with plans to spin off Marathon's downstream business, creating two independent, highly focused energy companies. Marathon Petroleum Corporation (MPC), to be headquartered in Findlay, Ohio, is expected to be the fifth largest U.S. refiner with a top-tier downstream portfolio of strategically aligned assets concentrated mainly in the Midwest, Gulf Coast and Southeast regions of the U.S. MPC is anticipated to trade on the NYSE under the ticker symbol "MPC". The spin-off is expected to be tax-free and to be effective June 30, 2011.

Marathon Signs Agreement for Sale of Its Interests in PL 025, PL 048E and PL 187 on the Norwegian Continental Shelf
Marathon Oil Corporation (NYSE: MRO), through its wholly owned subsidiary Marathon Petroleum Norge AS, today announced the signing of a sales agreement with Statoil Petroleum AS for all of Marathon's interests in production licenses PL 025, PL 048E and PL 187 on the Norwegian Continental Shelf. The transaction has a value of $85 million USD and an effective date of Jan. 1, 2011. The companies expect completion of the transaction in the first quarter of 2011, subject to Norwegian governmental approval.

Marathon Announces Bravo-1 Exploration Well Results in Deepwater Indonesia
Marathon Oil Corporation (NYSE: MRO) announced today the results of the deepwater Bravo-1 well drilled in the northeastern portion of the Pasangkayu production sharing contract (PSC) area offshore the island of Sulawesi in the Makassar Strait, Indonesia. Marathon, through its wholly owned subsidiary Marathon International Petroleum Indonesia, is operator and holds a 70 percent working interest in the Bravo-1 well.

Sale of Marathon Minnesota Downstream Assets Transaction Closes
Marathon Oil Corporation (NYSE: MRO) today announced that its wholly owned subsidiary Marathon Petroleum Company LP (MPC) has closed the transaction with ACON Investments, LLC (ACON) and TPG Capital (TPG) for the sale of most of Marathon's Minnesota downstream assets. ACON and TPG formed Northern Tier Energy LLC (Northern Tier Energy) to operate the assets as a stand-alone company.

Marathon Enters Eagle Ford Shale Play
Marathon Oil Corporation (NYSE: MRO) announced today that it has completed an agreement with Denali Oil & Gas for entry into the Eagle Ford Shale formation in Wilson and Atascosa counties, Texas. Under the terms of the agreement, Marathon will pay Denali $10 million as well as drill and complete four wells to earn approximately 17,000 net acres. Marathon also has the option to purchase Denali's remaining 58,000 net acres in the Eagle Ford Shale in these two counties. If Marathon executes this option, the full 75,000 net acres, including the initial payment, carried well interest and lease extensions, will cost approximately $2,800 per acre or a total of approximately $209 million. Marathon has until Oct. 31, 2011, to exercise this option.

Marathon Signs Definitive Agreements With ACON Investments and TPG Capital For Sale Of Minnesota Downstream Assets
Marathon Oil Corporation (NYSE: MRO) today announced that its wholly owned subsidiary Marathon Petroleum Company LP (MPC) has entered into definitive agreements with ACON Investments, LLC (ACON) and TPG Capital, L.P. (TPG) for the sale of most of Marathon's Minnesota downstream assets. ACON and TPG formed Northern Tier Energy LLC (Northern Tier Energy) to operate the assets as a stand-alone company.