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This excerpt taken from the MRO 10-Q filed Aug 8, 2008. Stock
split – On April 25, 2007, Marathon’s Board of Directors declared a
two-for-one split of the Company’s common stock which was affected in the form
of a stock dividend distributed on June 18, 2007, to stockholders of record at
the close of business on May 23, 2007.
15. Commitments
and Contingencies
Marathon
is the subject of, or party to, a number of pending or threatened legal actions,
contingencies and commitments involving a variety of matters, including laws and
regulations relating to the environment. The ultimate resolution of
these contingencies could, individually or in the aggregate, be material to
Marathon’s consolidated financial statements. However, management
believes that Marathon will remain a viable and competitive enterprise even
though it is possible that these contingencies could be resolved
unfavorably. Certain of the Company’s commitments are discussed
below.
Marathon
is a defendant, along with many other companies with refinery operations, in 58
cases in 12 states alleging methyl tertiary butyl ether (“MTBE”) contamination
in groundwater. These cases, after their removal from state to
federal court, have been consolidated in a multi-district litigation (“MDL”) in
the Southern District of New York for pre-trial proceedings. On July
22, 2008, the judge issued an opinion holding that the MTBE settlement agreement
represented a "good faith" settlement. The settling defendants,
which included Marathon, were required to obtain a good faith
determination for the California and Illinois cases in order to insure
protection from contribution actions. The federal judge in the
MDL concluded that both the approximate percentage of estimated liability
being paid and the dollar amounts being allocated were reasonable. Similar
approvals must also be obtained from state court judges in Illinois and
California. The timing of payment under the settlement agreement
could be impacted by an appeal of the judges' rulings on fairness. Such
settlement is not expected to significantly impact Marathon’s consolidated
results of operations, financial position or cash flows.
This excerpt taken from the MRO 10-Q filed May 9, 2008. Stock
Split – On April 25, 2007, Marathon’s Board of Directors declared a
two-for-one split of the Company’s common stock which was effected in the form
of a stock dividend distributed on June 18, 2007, to stockholders of record at
the close of business on May 23, 2007. Per share information for the
first quarter of 2007 has been restated in the consolidated financial statements
and notes to reflect the stock split.
13. Commitments
and Contingencies
Marathon
is the subject of, or party to, a number of pending or threatened legal actions,
contingencies and commitments involving a variety of matters, including laws and
regulations relating to the environment. The ultimate resolution of
these contingencies could, individually or in the aggregate, be material to
Marathon’s consolidated financial statements. However, management
believes that Marathon will remain a viable and competitive enterprise even
though it is possible that these contingencies could be resolved
unfavorably. Certain of the Company’s commitments are discussed
below.
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