This excerpt taken from the MRO 8-K filed Jan 31, 2008.
Full Year Key Highlights
The fourth quarter of 2007 was a difficult quarter that included: lower downstream margins driven primarily by rapidly rising crude prices; relatively flat upstream production due to delays in the Alvheim project and unscheduled downtime for warranty repairs at our Equatorial Guinea LNG production facility; unscheduled downtime at our Athabasca Oil Sands Project in Canada; and higher exploration costs, said Clarence P. Cazalot, Jr., Marathon president and CEO.
However, reflecting on all of 2007, we had significant accomplishments in each of our business segments; and, we remain confident in Marathons integrated business strategy. Last year included the acquisition of Western Oil Sands Inc., the completion of the EG LNG Train 1 production facility ahead of schedule and on budget and groundbreaking on our $3.2 billion refinery expansion in Garyville, La. We also continued to achieve significant exploration success in Angola and the Gulf of Mexico, and we anticipate sanctioning major projects in both those areas during 2008.
We expect 2008 will show significant growth as Marathon is uniquely positioned with a broad portfolio of projects, Cazalot added. Marathon continues to maintain financial discipline while delivering value to investors through multiple reinvestment opportunities, dividends and share repurchases.