Garyville Major Expansion Tour

March 22, 2009

2

Except for historical information, this presentation contains forward-looking information with respect to the construction of an expansion project at the Garyville refinery. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied from such information. 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, 2008, cautionary language identifying 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.

Forward Looking Statement

3

Agenda

Garyville Introduction

Refining Processes

Refining Economics

Garyville Expansion Project

GME Tour

Plantation Tour and Lunch

4

Focused Integrated Focused Integrated RM&TRM&T Asset BaseAsset BaseUnparalleled Terminal and Pipeline SystemUnparalleled Terminal and Pipeline System

7 Refineries; 1,016 7 Refineries; 1,016 MBDMBD

Pipeline & barge logisticsPipeline & barge logistics–– Enables refineries to Enables refineries to

operate as single systemoperate as single system–– Destination choice in Destination choice in

product marketsproduct markets–– Efficiency, flexibility, speedEfficiency, flexibility, speed

Terminal networkTerminal network–– Critical mass in key marketsCritical mass in key markets–– Key to EKey to E--10 expansion10 expansion

Pipelines

Terminals

Coastal waterterminal

Inland water terminal

Refineries

Definitions in Appendix.

5

Garyville Refinery Garyville Refinery -- Pre ExpansionPre Expansion

256,000 BPD256,000 BPD

Supplies 12 million gallons clean fuelsSupplies 12 million gallons clean fuels

570 Employees570 Employees

350 Full time contractors350 Full time contractors

OSHA VPP StarOSHA VPP Star

EPA NEPTEPA NEPT

18th Largest US refinery18th Largest US refinery

Last grassroots US refinery Last grassroots US refinery –– built 1976built 19765

66

77

8

Garyville Refinery-Post Expansion

POSTPOST--EXPANSIONEXPANSION

436,000 BPD436,000 BPD

Supplies 19.5 million Supplies 19.5 million gallons clean fuelsgallons clean fuels

770 Employees770 Employees

430 Full time contractors430 Full time contractors

4th Largest US refinery4th Largest US refinery

GME is first GME is first ““newnew”” US refinery since 1976US refinery since 1976

PREPRE--EXPANSIONEXPANSION

256,000 BPD256,000 BPD

Supplies 12 million Supplies 12 million gallons clean fuelsgallons clean fuels

570 Employees570 Employees

350 Full time contractors350 Full time contractors

18th Largest US refinery18th Largest US refinery

9

Agenda

Garyville Introduction

Refining Processes

Refining Economics

Garyville Expansion Project

GME Tour

Plantation Tour and Lunch

10

TYPICALREFINERYTYPICAL

REFINERYCrude OilCrude Oil

Feedstocks ProductsGasolineGasolineDieselDieselKeroseneKeroseneAsphaltAsphaltBunker FuelBunker FuelEthyleneEthylenePropylenePropylenePropanePropaneButanesButanesSulfurSulfurCokeCoke

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Refining Processes

Separation

Conversion

Blending

12

Refining Processes

Separation– Distillation

Primary separation methodSeparates molecules by boiling point

13

Crude DistillationCrude Distillation

CrudeDistillation

Tower

Butane &Lighter

Naphtha

Kerosene &Jet Fuel

Diesel &Heating Oil

Gas Oil

Asphalt &Resid

Refinery FuelRefinery Fuel& Sales& Sales

ReformerReformer

Catalytic Catalytic CrackingCracking

Coking & SalesCoking & Sales

HydrotreatingHydrotreating

HydrotreatingHydrotreating

<90F

90-320F

320-450F

450-650F

650-900F

>900F

Crude Oil

Heater

14

Crude UnitCrude Unit

15

Refining ProcessesSeparation

Conversion– Remove impurities

SulfurMetals

– Rearrange molecules – “Reforming”Increase Value

– CrackingUpgrade Heavy Oils

16

DesulfurizationDesulfurization

HydrogenHydrogen

High SulfurHigh SulfurProductsProducts

H2

HC-S

HC

H2S

Sulfur PlantSulfur Plant

DesulfurizationDesulfurizationUnitUnit

DesulfurizedDesulfurizedProductProduct

ElementalElementalSulfurSulfur

SSS

SS

Catalyst

S

17

ReformingReforming

HCCatalyst

HC

H2

ReformerReformer

HydrogenHydrogen

High OctaneHigh OctaneReformateReformate

Low OctaneLow OctaneNaphthaNaphtha

H H H H H H HH H H H H H HHH--CC--CC--CC--CC--CC--CC--CC--HH

H H H H H H HH H H H H H H

CHCHCHCH

CHCH

CCCHCH

CHCH CHCH33

++ 4H4H22

18

Reformer

19

Refining ProcessesSeparation

Conversion– Remove impurities– Rearrange molecules – “Reforming”– Cracking

Catalytic cracking– FCC-Fluid Catalytic Cracking– Hydrocracking

Thermal cracking– Delayed coking

20

CrackingCracking

Heavy Oils

Fuel GasCatalyst

Naphtha

Distillates

Long Chain, Low Value Hydrocarbons

Chains are CrackedWith Heat and Catalyst High Value

Light Hydrocarbons

Heat

21

Fluid Catalytic CrackingFluid Catalytic Cracking

Heavy Oils

Butane & LighterCatalyst

Naphtha

Distillates

Long Chain, Low Value Hydrocarbons

Chains are CrackedWith Heat and Catalyst High Value

Light Hydrocarbons

Heat

Slurry Oil 5%5%

20%20%

65%65%

25%25%

110110--115%115%

900900--1000F1000F<50psi<50psi

% of Feed% of Feed

22

Fluid Catalytic CrackerFluid Catalytic Cracker

Gas OilGas Oil

AirAir

Flue GasFlue Gas

ProductProduct

23

FCCUFCCU--Fluid Catalytic Cracking UnitFluid Catalytic Cracking Unit

23

24

HydrocrackingHydrocracking

Heavy Oils

Butane & LighterCatalyst

Naphtha

Distillates

Long Chain, Low Value Hydrocarbons

Chains are CrackedWith Heat and Catalyst High Value

Light Hydrocarbons

Heat

HydrogenHydrogen

HH

HH

HH

HHHHHH

HH

Unconverted Oil

10%10%

45%45%

50%50%

15%15%

120120--125%125%

700700--800F800F15001500--3000 psi3000 psi

% of Feed% of Feed

25

CokingCoking

Heavy Oils

Naphtha

Distillate

Gas Oil

Heat

Coke

LPG & Fuel Gas

900900--950F950F<50psi<50psi

25%25%

25%25%

15%15%

10%10%

% of Feed% of Feed

26

CokerCoker

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Refining Processes

Separation

Conversion

Blending

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Typical BlendingTypical Blending

ButaneCat Gasoline

AlkylatePlatformate

NaphthaNatural Gasoline

Penexate

ButaneCat Gasoline

AlkylatePlatformate

NaphthaNatural Gasoline

Penexate

Regular UnleadedRegular Unleaded

PremiumPremium

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US Gasoline RequirementsUS Gasoline Requirements

Over 80 different blends requiredOver 80 different blends required29

30

Agenda

Garyville Introduction

Refining Processes

Refining Economics

Garyville Expansion Project

GME Tour

Plantation Tour and Lunch

31

Fixed Costs35%

Other10%

Energy50%

Catalyst & Chemicals

5%

Typical RefineryTypical RefineryManufacturing Costs*Manufacturing Costs*

* Based on Marathon estimates.

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Key Refinery Drivers

Safety and Environmental Excellence

Low Manufacturing Costs– Energy Efficiency– Economies of Scale

High Reliability– Good Engineering Design– Well Trained Workforce– Predictive/Preventive Maintenance Programs

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Key Market Drivers

Crude Cost and Flexibility

Conversion Economics

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Crude YieldsCrude Yields

33%

34%

30%

3%

50%

26%

21%

3%

63%

22%

14%

1%

Sweet Crude(WTI, Brent)

34 API<0.7% S

Medium Sour Crude(Arab Light, Mars)

24-34 API0.7-2.0% S

Heavy Sour Crude(Maya, Arab Heavy)

<24 API>2%

Source: EIA

Propane Propane ButaneButane

GasolineGasolineNaphthaNaphtha

DieselDieselJet Jet

KeroseneKerosene

AsphaltAsphaltCokeCoke

Heavy FuelHeavy Fuel

35

Crude QualityCrude QualityCrude Quality by Types

0

1

2

3

4

5

6

10 15 20 25 30 35 40 45 50

Heavy <----------API Gravity ----------> Light

Swee

t <---

-- Su

lfur C

onte

nt, w

t% --

--->

Sou

r

Xan Coban

Altamira

Eocene

Ratawi

Cold Lk.-WMaya

Albian Hvy.GVL Avg.

Arab Hvy.Kuwait

Arab Med.

Arab Lt.Mars

WTS

US Avg. Marathon Avg.Urals

HamacaOriente

Zuata Med. ANS

HeidrunThunder Horse

Bonny Lt.LLS

WTI

BrentTapis

Marathon compilation of industry data. Marathon and GVL figures are pre-GME and pre-DHOUP.

36

Marathon Crude SourcesMarathon Crude Sources

USUS

CanadaCanada

Other IntOther Int’’ll

49%49%

11%11%

26%26%

14%14%

Middle EastMiddle East& Africa& Africa

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Major Pipeline ProjectsMajor Pipeline ProjectsTo Deliver Canadian Crude OilTo Deliver Canadian Crude Oil

Expansion

Key Marathon RefineriesEnbridgeMN Pipeline

Port Arthur

Cushing

Beaumont

Superior

Clearbrook

Regina

Cromer

BurnabyAnacortes

HardistyEdmonton

TransMountain

Enbridge

Platte

Express

Keystone XL

Keystone

Pegasus

Southern

Access

Sarnia

ChicagoSalt Lake City Casper

Wood River

Patoka

Flanagan

St. James

Multiple

Pipelines

Under Construction

Planned

Spearhea

d

MN

PL

37

38

Average MayaAverage Maya--WTI DifferentialWTI Differential

(18.00)

(16.00)

(14.00)

(12.00)

(10.00)

(8.00)

(6.00)

(4.00)

(2.00)

0.001985 1990 1995 2000 2005 2010

May

a-W

TI ($

/bbl

)

Source: Platt’s

20082008averageaverage

Favors heavy sour refineries with conversion capacityFavors heavy sour refineries with conversion capacity

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Coker EconomicsCoker EconomicsHigh sulfur diesel minus 3% High sulfur diesel minus 3% residresid

Source: Platt’s

0

5

10

15

20

25

30

35

40

45

50

1987 1992 1997 2002 2007

HSD

-3%

Res

id ($

/bbl

)

LongLong--termtermaverage ~$10average ~$10

20082008averageaverage

2008 2008 cokercoker economics at historic highseconomics at historic highs

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Agenda

Garyville Introduction

Refining Processes

Refining Economics

Garyville Expansion Project

GME Tour

Plantation Tour and Lunch

41

Garyville Major Expansion Garyville Major Expansion -- 180,000 BPD180,000 BPD

Leverages our most efficient Leverages our most efficient and profitable downstream and profitable downstream assetasset

Ability to process wide Ability to process wide crude slatecrude slate

Projected $3.35B* projectProjected $3.35B* project–– ~$2.5B* capitalized at ~$2.5B* capitalized at

12/31/0812/31/08

Overall project ~75% Overall project ~75% completecomplete

4Q 2009 start4Q 2009 start--upup

GME crack spread margin expected to GME crack spread margin expected to approximate Mars 2approximate Mars 2--11--11

*Excludes capitalized interest.

Definitions in Appendix.41

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2004 2005 2006 2007 2008 2009

Conceptual Phase

Feasibility Phase

FEED

Permitting

Design and Construction

MOC Board Approval

Start upStart up

Project TimelineProject Timeline

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Garyville Major Expansion Garyville Major Expansion

Logistics available to Logistics available to participate in world marketsparticipate in world marketsExpansion economics are Expansion economics are favorable to a grassroots favorable to a grassroots constructionconstructionGulf Coast construction costs Gulf Coast construction costs competitive with India and competitive with India and Middle EastMiddle East

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Transportation Cost AdvantageTransportation Cost Advantage

1 Shipping rates based on 2009 YTD average one-year time charter rates ($/bbl) as published by Poten & Partners’ Weekly Clean Market Summary –March 5, 2009, plus US Gulf bunker fuel, port cost, and Suez Canal toll, where applicable. One-time lightering costs are included in LR2 rates.

MR - ‘Medium Range’ Vessel (300m bbl cargo)LR2 - ‘Long Range-2’ Vessel (680m bbl cargo)

MR VesselRate

LR2 VesselRate

Rotterdam

Jamnagar

South Korea

$3.40$3.40 / $2.80/ $2.80

$6.30$6.30 / $4.80/ $4.80 $6.90$6.90 / $5.30/ $5.30

$3.40$3.40

$6.00$6.00 / $4.60/ $4.60

$2.40$2.40 $5.10$5.10 / $4.00/ $4.00

$3.40$3.40 / $2.80/ $2.80

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45Pipelines Coastal water

terminalInland water terminal

Definitions in Appendix.

Sourcing global crude

Access to multiple markets provides outlet for additional 7.5 MM gallons of product

–Plantation and Colonial pipelines

–Mississippi River and inland barge fleet

–Gulf access to Florida and export markets

Advantaged Logistics of Advantaged Logistics of GMEGME

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Expansion Synergies

Infrastructure– Docks– Pipelines– Tanks– Buildings

Feedstocks

Molecule Management

Manpower

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WorldscaleWorldscale--Worldwide ProjectWorldwide Project

Engineering CentersEngineering Centers

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Garyville Major Expansion Garyville Major Expansion

CrudeCrude 180,000 BPD180,000 BPD

Coker 44,000 BPDCoker 44,000 BPD

ReformerReformer 65,000 BPD65,000 BPD

HydrocrackerHydrocracker 70,000 BPD70,000 BPD

Kero Hydrotreater 47,000 BPDKero Hydrotreater 47,000 BPD

Sulfur PlantsSulfur Plants

Hydrogen PlantHydrogen Plant

Tanks & UtilitiesTanks & Utilities

48

49

GMEGME / / DHOUPDHOUP Lower Feedstock CostLower Feedstock Cost

66 66

110 110

138

50

70

90

110

130

150

2008 2009 2010 2011 2012

MB

D

More than doubling

coking capacity

Definitions in Appendix.49

50

28

30

32

34

36

38

2003 2004 2005 2006 2007 2008

Dis

tilla

te Y

eld

(% o

f Cru

de)

Industry Average Marathon

Marathon Increases Diesel Production Marathon Increases Diesel Production Distillate Production as % of Crude ThroughputDistillate Production as % of Crude Throughput

Shifting yields to maximize market potentialShifting yields to maximize market potentialSource: EIA for industry average.

Definitions in Appendix.

2003 - 2008 GrowthMarathon = 5.3%

Industry = 4.1%

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Garyville Major ExpansionGaryville Major ExpansionSignificant Incremental IncomeSignificant Incremental Income

51Definitions in Appendix.

0200400600800

1,0001,2001,4001,6001,8002,000

2008 Actual 2008A plus GME*

$MM

2008 AverageMars / WTI differential $6.11Mars 2-1-1 Crack Spread $19.65Incremental average annual after tax project contributionCash flow (2010+) $825MMProfit (2010+) $700MM

Downstream Segment IncomeDownstream Segment Income

GMEGMEImpactImpact

*For illustrative purposes only. A simple, annual average of forecast results is added to 2008 actuals. Forecast based upon 2008 pricing for inputs and outputs as well as expected production rates and associated manufacturing costs

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Construction Highlights

1,000,000 Cubic Yards of Fill

8000+ Construction Contractors

20,000 Piles

300 Miles of Pipe

1,100 Miles of Wire

Worldwide Engineering-US, Mexico, India, Philippines

Worldwide Procurement-US, Far East, Europe

53

Integration Highlights

200 New Employees Hired and Trained

400+ Piping Tie-ins to Existing Refinery

500,000 Engineering and Equipment Documents

80,000 Corrosion Monitoring Points

18,000 New Spare Parts Stocked

54

Incentive ProgramsIncentive Programs

LDEQ Expedited Permitting LDEQ Expedited Permitting ProgramProgram

Gulf Opportunity Zone BondsGulf Opportunity Zone Bonds

Quality Jobs ProgramQuality Jobs Program

Industrial Property Tax Industrial Property Tax ExemptionsExemptions

2006 Energy Bill 50% Expense 2006 Energy Bill 50% Expense ElectionElection

State Training GrantsState Training Grants

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56

Garyville Major Expansion ProjectGaryville Major Expansion Project““An American Company fueling AmericaAn American Company fueling America’’s Futures Future””

February, 2009 Update

Hyd

roge

n Pl

ant

Cru

de /

Vac

Cru

de /

Vac

CC

R/P

latfo

rmer

/NH

TC

CR

/Pla

tform

er/N

HT

Hyd

rocr

acke

Hyd

rocr

acke

rr

Sats

Gas

Sats

Gas

Util

ities

Util

ities

KH

TK

HT

CokerCoker

Tank FarmTank Farm

Marathon AvenueMarathon Avenue

SulfurSulfur

57

Questions and Tour

58