Marathon Oil Corporation Announces Increase in Exchangeable Share Ratio
Marathon Oil Corporation announced on Oct. 29, 2008, that the Company’s board of directors declared a dividend of 24 cents per share on Marathon Oil Corporation’s common stock. The dividend is payable Dec. 10, 2008 to stockholders of record Nov. 19, 2008.
In connection with Marathon’s acquisition of Western Oil Sands Inc. and the terms of the provisions applicable to the exchangeable shares, the ratio at which exchangeable shares may be exchanged for shares of Marathon common stock is subject to adjustment to account for cash dividends paid on Marathon common stock that are not matched by dividends paid to holders of the exchangeable shares.
For former shareholders of Western Oil Sands Inc. who hold exchangeable shares, the new exchange ratio is 1.02811. The new exchange ratio will take effect on Dec. 10, 2008 and will remain in effect until the next payment of a cash dividend.
The New Exchange Ratio is calculated as follows: Current Exchange Ratio 1.01889 Increase in Exchange Ratio* 0.00922
New Exchange Ratio 1.02811
Effective Date of the New Exchange Ratio Dec. 10, 2008