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Business Description
Marathon Oil Corporation is engaged in worldwide exploration and production of crude oil and natural gas. Principal exploration activities are in the United States, Norway, Equatorial Guinea, Angola and Canada. Principal development activities are in the United States, the United Kingdom, Ireland, Norway, Equatorial Guinea, Gabon and Russia. Marathon is also pursuing opportunities in north and west Africa and the Middle East. Through its 62%-owned consolidated subsidiary, Marathon Ashland Petroleum LLC, the Company also refines, markets and transports crude oil and petroleum products, primarily in the Midwest, the upper Great Plains and southeastern United States. In addition, Marathon operates other businesses that market and transport its own and third-party natural gas, crude oil and products manufactured from natural gas, such as liquefied natural gas and methanol, primarily in the United States, Europe and West Africa.

Financial Information
For the nine months ended 9/30/04, revenues rose 18% to $35.6 billion. Net income from continuing operations before acct. change rose 2% to $828 million. Results reflect higher natural prices and increased refining products sales, partially offset by higher overhead costs.