Marathon Oil (MRO)

Standards of Conduct

        To the best of their knowledge and ability, the Senior Financial Officers shall:

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act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;



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provide full, fair, accurate, timely, and understandable disclosure in reports and documents that Marathon files with, or submits to, the Securities and Exchange Commission ("Commission") and in other public communications made by Marathon;



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comply with applicable governmental laws, rules and regulations;



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promote the prompt internal reporting of violations of this Code of Ethics to the chair of the Audit Committee of the board of directors and to the appropriate person or persons identified in Marathon's Code of Business Conduct;



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respect the confidentiality of information acquired in the course of employment;



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maintain the skills necessary and relevant to Marathon's needs;



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promote, as appropriate, contact by employees with the Business Integrity Office or the chair of the Audit Committee of the board of directors for any issues concerning improper accounting or financial reporting of Marathon without fear of retaliation; and



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proactively promote ethical and honest behavior within Marathon and its consolidated subsidiaries.

        All Senior Financial Officers are expected to adhere to both the Marathon Oil Corporation Code of Business Conduct and this Code of Ethics. Any violation of this Code of Ethics will be subject to appropriate discipline, up to and including dismissal from the Company and prosecution under the law. The board of directors shall have the sole and absolute discretionary authority to approve any deviation or waiver from this Code of Ethics for Senior Financial Officers. Any change in or waiver from and the grounds for such change or waiver of this Code of Ethics for Senior Financial Officers shall be promptly disclosed through a filing with the Commission on Form 8-K.

QuickLinks

Exhibit 14