Marathon Announces Purchase of CITGO Terminals and Pipeline Interest in Ohio
Findlay, Ohio— Marathon Oil Corporation (NYSE:MRO), through a wholly owned subsidiary, today announced it has reached agreement to purchase four terminals in Ohio and the ownership interest in Inland Pipeline from CITGO Petroleum.
The acquisition will increase Marathon’s flexibility in supplying transportation fuels to the Midwest,” explained Doug Sparkman, Marathon senior vice president, Transportation & Logistics. “It demonstrates Marathon’s commitment to making quality fuels available to our customers by opening new market opportunities in Dayton and Tallmadge, as well as new pipeline markets.” Assets purchased as part of the transaction include four product terminals located in Dublin, Dayton, Oregon (Toledo) and Tallmadge, Ohio, and CITGO’s ownership interest in Inland Pipeline, a petroleum product pipeline with origin points in both Lima and Oregon that supplies Dublin, Dayton, Oregon, Cleveland, Tallmadge, and Canton, Ohio.
The transaction is expected to close in 4th Quarter 2007, pending completion of various pre-closing activities. Terms of the transaction were not disclosed.
This
release contains forward-looking statements concerning the anticipated
acquisition of some CITGO assets. This forward-looking information may
prove to be inaccurate and actual results may differ materially from
those presently anticipated. Some factors that could adversely affect
the anticipated acquisition of CITGO assets include inability or delay
in obtaining necessary regulatory approvals and other operating and
economic considerations. In accordance with the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
Marathon Oil Corporation has included in its Annual Report on Form 10-K
for the year ended December 31, 2006, and subsequent Forms 10-Q and
8-K, cautionary language identifying other important factors, though
not necessarily all such factors, that could cause future outcomes to
differ materially from those set forth in the forward-looking
statements.
Wednesday, October 24, 2007
