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MRO » Topics » Key First Quarter Events

This excerpt taken from the MRO 8-K filed Apr 28, 2005.

Key First Quarter Events

•                    Strengthened Exploration and Production Business

-                   Petronius back online and at full pre-Hurricane Ivan production rates

-                   Equatorial Guinea condensate expansion project ramped up to full production

-                   Equatorial Guinea liquefied petroleum gas (LPG) expansion project commissioning continues on track for mid-year start-up

-                   Alvheim development offshore Norway on schedule with all remaining major contracts awarded during first quarter

-                   Vilje Plan of Development and Operation (PDO) approved by Norwegian Government

-                   Continued to deliver exploration success with three discoveries

•                    Strengthened MAP Assets

-                   Achieved record first quarter refinery throughput rates

-                   Continued industry leading growth of same store merchandise sales

-                   Recently announced agreement to purchase Ft. Lauderdale, Florida, light products terminal will enhance MAP’s refined products distribution network

•                    Advanced Integrated Gas Strategy

-                   Equatorial Guinea liquefied natural gas (LNG) project construction continues on schedule

 

 


 

-                   Integrated Technology Project at Port of Catoosa, Oklahoma, gas-to-liquids (GTL) demonstration plant moving forward to further develop gas commercialization technology

 

“Our first quarter results were positively influenced by a number of key factors including continued high oil and natural gas prices, solid production from our upstream business, record refinery throughputs, and a strong refining and wholesale marketing margin,” said Clarence P. Cazalot, Jr., Marathon president and CEO.  “In addition, each of the business segments within Marathon’s fully integrated structure continued to make progress in executing our strategies that are delivering sustainable value growth.”

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