Marathon may split upstream, downstream businesses

Marathon Oil confirmed July 31 that its board is contemplating a separation of its upstream and downstream businesses into two publicly traded companies.

By OGJ editors
HOUSTON, July 31 -- Marathon Oil Corp. confirmed July 31 that its board is contemplating a separation of its upstream and downstream businesses into two publicly traded companies.

An evaluation of this proposal has been under way internally for several months, Marathon said, adding that it recently hired outside financial and legal advisors to help with the evaluation.

The board expects to make a decision during the fourth quarter. If a separation is made, it likely would happen in early 2009.

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