Energy Summit 2007LSU Center for Energy StudiesOctober 24, 2007Richard BedellManagerLouisiana Refining Division2Except for historical information, this presentation contains forwardlooking information with respect to the construction of an expansionproject at the Garyville refinery. These statements are subject to risksand uncertainties that could cause actual results to differ materiallyfrom those expressed or implied from such information. In accordancewith the “safe harbor” provisions of the Private Securities LitigationReform Act of 1995, Marathon Oil Corporation has included in its AnnualReport on Form 10-K for the year ended December 31, 2006, andsubsequent Forms 8-K and 10-Q, cautionary language identifyingimportant factors, though not necessarily all such factors, that couldcause future outcomes to differ materially from those set forth in theforward-looking statements.Forward Looking Statement3Garyville Refinery Today550 Employees350 Full TimeContractorsOSHA VPP StarEPA PerformanceTrack18th Largest USRefineryLast Grassroots USRefinery-19764Garyville Major ExpansionProjected $3.2 billion ProjectFull conversion new refineryAbility to process widerange of crudesAdds 7.5 million gallons perday of clean fuels45Garyville Major ExpansionCrude180,000 BPD180,000 BPDCoker44,000 BPDCoker44,000 BPDReformerReformer65,000 BPD65,000 BPDHydrocrackerHydrocracker70,000 BPD70,000 BPDKero Hydrotreater 47,000 BPDKero Hydrotreater 47,000 BPDSulfur PlantsSulfur PlantsHydrogen PlantHydrogen PlantTanks & UtilitiesTanks & Utilities56U.S. Refined Product Supplyand Demand12,00014,00016,00018,00020,00022,0001983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

MB/DA product gap characterized by growing volume and fuel complexityDemand SupplySource: DOE7Investment Basis*Range includes survey data fromCERA, Purvin & Gertz, DOE and others01020304050607080901990 1995 2000 2005 2010 2015 2020

WTI ($/BBL)051015202530354045 

# USGC WTI 3-2-1 Crack Spreads ($/BBL)WTI Range*3-2-1 Range*GME Startup2000-2004 Five-Year AverageWTI Price = $31.00/bblWTI 3-2-1 = $4.70/bbl8Garyville Major ExpansionLogistics available to participate inworld marketsExpansion economics arefavorable to a grassrootsconstructionGulf Coast construction costscompetitive with India and MiddleEastLeverages Marathon’s mostefficient and profitabledownstream asset89Date and Tracking Info Here9910Construction Site11200420052006200720082009Conceptual PhaseFeasibility PhaseFEEDPermittingDesign and ConstructionMOC Board Approval $3.2 BillionAnnounced $2.2 Billion ExpansionStart upProject Timeline12Construction Schedule13Construction Highlights1 million cubic yards of dirt20,000 piles to drive300 miles of pipe1,100 miles of wire and cableWorldwide Engineering-US, Mexico, India, PhilippinesWorldwide Procurement-US, Far East, Europe14Major Contractors15Job Fair16Incentive ProgramsLDEQ Expedited Permitting ProgramGulf Opportunity Zone BondsQuality Jobs ProgramIndustrial Property Tax Exemptions2006 Energy Bill 50% ExpenseElectionState Training Grants17Economic Impacts2000-4000 Construction Jobs280 Full Time Marathon and Contractor Jobs$60 million Parish Sales Taxes$500 million Local Business Transactions$30 million Taxes from Indirect Economic Activity18www.MarathonGME.com19