Document:

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                                                                    EXHIBIT 4.12

                              CERTIFICATE OF TRUST
                                       OF
                           MARATHON FINANCING TRUST II

          THIS CERTIFICATE OF TRUST of Marathon Financing Trust II (the
"TRUST"), dated as of August 29, 2002, is being duly executed and filed by the
undersigned, as trustees, to form a business trust under the Delaware Business
Trust Act (12 DEL. CODE Section 3801 ET SEQ.).

          1.   NAME. The name of the business trust being formed hereby is
"Marathon Financing Trust II."

          2.   DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust with a principal place of business in the State of Delaware are The
Bank of New York (Delaware), 700 White Clay Center, Route 273, Newark, Delaware
19711.

          3.   EFFECTIVE DATE. This Certificate of Trust shall be effective at
the time of its filing with the Secretary of State of the State of Delaware.

          4.   COUNTERPARTS. This Certificate of Trust may be executed in one or
more counterparts.

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          IN WITNESS WHEREOF, the undersigned, being all of the trustees of the
Trust at the time of filing this Certificate of Trust, have executed this
Certificate of Trust as of the date first above written.

                                         THE BANK OF NEW YORK (DELAWARE),
                                         not in its individual capacity,
                                         but solely as Delaware Trustee

                                         By: /s/ JAMES LONGSHAW
                                             -----------------------------------
                                             Name: James Longshaw
                                             Title: Senior Vice President

                                         THE BANK OF NEW YORK,
                                         not in its individual capacity,
                                         but solely as Property Trustee

                                         By: /s/ REMO J. REALE
                                             -----------------------------------
                                             Name: Remo J. Reale
                                             Title: Vice President

                                         P.C. REINBOLT,
                                         not in his individual capacity,
                                         but solely as Regular Trustee

                                         /s/ P.C. REINBOLT
                                         ---------------------------------------<Page>

                                                                    EXHIBIT 4.14

================================================================================

                                     FORM OF

                            MARATHON OIL CORPORATION

                               GUARANTEE AGREEMENT

                           MARATHON FINANCING TRUST __

                          Dated as of ___________, 200_

                             -----------------------

                             -----------------------

================================================================================

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                                TABLE OF CONTENTS

<Table>
<Caption>
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<S>                 <C>                                                                                          <C>
ARTICLE I           DEFINITIONS...................................................................................1
      SECTION 1.1          Definitions............................................................................1

ARTICLE II          TRUST INDENTURE ACT...........................................................................5
      SECTION 2.1          Trust Indenture Act; Application.......................................................5
      SECTION 2.2          Lists of Holders of Preferred Securities...............................................5
      SECTION 2.3          Reports by the Guarantee Trustee.......................................................5
      SECTION 2.4          Periodic Reports to the Guarantee Trustee..............................................6
      SECTION 2.5          Evidence of Compliance with Conditions Precedent.......................................6
      SECTION 2.6          Events of Default; Waiver..............................................................6
      SECTION 2.7          Disclosure of Information..............................................................6
      SECTION 2.8          Conflicting Interest...................................................................7

ARTICLE III         POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE............................................7
      SECTION 3.1          Powers and Duties of the Guarantee Trustee.............................................7
      SECTION 3.2          Certain Rights and Duties of the Guarantee Trustee.....................................8
      SECTION 3.3          Not Responsible for Issuance of Guarantee.............................................10
      SECTION 3.4          The Guarantee Trustee May Own Preferred Securities....................................10
      SECTION 3.5          Moneys Received by the Guarantee Trustee to Be Held in Trust Without Interest.........10
      SECTION 3.6          Compensation and Expenses of Guarantee Trustee........................................10

ARTICLE IV          GUARANTEE TRUSTEE............................................................................11
      SECTION 4.1          Qualifications........................................................................11
      SECTION 4.2          Appointment, Removal and Resignation of the Guarantee Trustee.........................11

ARTICLE V           GUARANTEE....................................................................................12
      SECTION 5.1          Guarantee.............................................................................12
      SECTION 5.2          Waiver of Notice......................................................................12
      SECTION 5.3          Obligations Not Affected..............................................................12
      SECTION 5.4          Enforcement of Guarantee..............................................................13
      SECTION 5.5          Guarantee of Payment..................................................................14
      SECTION 5.6          Subrogation...........................................................................14
      SECTION 5.7          Independent Obligations...............................................................14

ARTICLE VI          LIMITATION OF TRANSACTIONS; SUBORDINATION....................................................14
      SECTION 6.1          Limitation of Transactions............................................................14
      SECTION 6.2          Subordination.........................................................................15

ARTICLE VII         TERMINATION..................................................................................15
      SECTION 7.1          Termination...........................................................................15

ARTICLE VIII        LIMITATION OF LIABILITY; INDEMNIFICATION.....................................................16
      SECTION 8.1          Exculpation...........................................................................16
</Table>

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<Table>
<S>                                                                                                              <C>
      SECTION 8.2          Indemnification.......................................................................16
      SECTION 8.3          Survive Termination...................................................................16

ARTICLE IX          MISCELLANEOUS................................................................................17
      SECTION 9.1          Successors and Assigns................................................................17
      SECTION 9.2          Amendments............................................................................17
      SECTION 9.3          Notices...............................................................................17
      SECTION 9.4          Genders...............................................................................18
      SECTION 9.5          Benefit...............................................................................18
      SECTION 9.6          Governing Law.........................................................................18
      SECTION 9.7          Counterparts..........................................................................18
      SECTION 9.8          [Exercise of Overallotment Option]....................................................18
</Table>

                                       ii
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                               GUARANTEE AGREEMENT

          This GUARANTEE AGREEMENT, dated as of ___________, 200_, is executed
and delivered by Marathon Oil Corporation, a Delaware corporation (the
"Guarantor"), and The Bank of New York, a New York banking corporation, as the
initial Guarantee Trustee (as defined herein) for the benefit of the Holders (as
defined herein) from time to time of the Preferred Securities (as defined
herein) of Marathon Financing Trust __, a Delaware statutory trust (the
"Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of __________, 200_, among the trustees of the Issuer
named therein, Marathon Oil Corporation, as Sponsor, and the Holders from time
to time of preferred undivided beneficial interests in the assets of the Issuer,
the Issuer may issue up to $___________ aggregate liquidation amount of its ___%
Trust Preferred Securities (the "Preferred Securities") representing preferred
undivided beneficial interests in the assets of the Issuer and having the terms
set forth in the Declaration, of which $__________ liquidation amount of
Preferred Securities is being issued as of the date hereof[. Up to the remaining
$__________ liquidation amount of Preferred Securities may be issued by the
Issuer if and to the extent that the overallotment option granted by the
Guarantor and the Issuer pursuant to the Underwriting Agreement (as defined in
the Declaration) is exercised by the Underwriters named in the Underwriting
Agreement]; and

          WHEREAS, as incentive for the Holders to purchase Preferred
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth herein, to pay to the Holders the Guarantee Payments (as
defined herein) and to make certain other payments on the terms and conditions
set forth herein;

          NOW, THEREFORE, in consideration of the purchase by the initial
purchasers thereof of Preferred Securities, which purchase the Guarantor hereby
agrees shall benefit the Guarantor, the Guarantor executes and delivers this
Guarantee Agreement for the benefit of the Holders from time to time.

                                    ARTICLE I
                                   DEFINITIONS

     SECTION 1.1    DEFINITIONS.

          (a)   Capitalized terms used in this Guarantee Agreement but not
defined in the preamble or recitals above have the respective  meanings assigned
to them in this Section 1.1.

          (b)   A term defined  anywhere in this Guarantee  Agreement has the
same meaning throughout.

          (c)   All  references to "the  Guarantee  Agreement" or "this
Guarantee  Agreement" are to this Guarantee Agreement as modified,  supplemented
or amended from time to time.

                                        1
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          (d)   All references in this Guarantee Agreement to Articles and
Sections are to Articles and Sections of this Guarantee Agreement unless
otherwise specified.

          (e)   A term  defined in the Trust  Indenture  Act has the same
meaning when used in this Guarantee  Agreement unless otherwise  defined in this
Guarantee Agreement or unless the context otherwise requires.

          (f)   A reference to the singular includes the plural and vice versa.

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such specified Person. For purposes of this definition, "control"
of a Person shall mean the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" shall have meanings correlative to the foregoing.

          "Commission" means the Securities and Exchange Commission.

          "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Issuer and having the terms set forth
in Article __ of the Declaration.

          "Common Stock" means the common stock, $.01 par value per share, of
the Guarantor, including associated preferred share purchase rights.

          "Debentures" means the series of [convertible] unsecured [senior]
[junior] [subordinated] debentures issued to the Property Trustee by the
Guarantor under the Indenture and entitled the "___% [Senior] [Junior]
[Subordinated] Debentures due ____."

          "Declaration" has the meaning set forth in the recitals above.

          "Declaration Event of Default" means any Event of Default as defined
in the Declaration.

          "Distributions" means the periodic distributions and other payments
payable to Holders in accordance with the terms of the Preferred Securities set
forth in Article 6.01 of the Declaration.

          "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Guarantee Agreement; PROVIDED, HOWEVER,
that, except with respect to a default in payment of any Guarantee Payment, any
such default shall constitute an Event of Default only if the Guarantor shall
have received notice of such default and shall not have cured such default
within 60 days after receipt of such notice.

          "Extension Period" has the meaning set forth in Section ___ of the
Supplemental Indenture.

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          "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid
Distributions and the Redemption Price, including all accumulated and unpaid
Distributions to the date of redemption, with respect to the Preferred
Securities called for redemption by the Issuer, but only if and to the extent
that in each case the Guarantor has made a payment to the Property Trustee of
principal of, any premium or interest on the Debentures, and (ii) upon a
voluntary or involuntary dissolution, winding-up or termination of the Issuer
(other than in connection with the distribution of the Debentures to Holders in
exchange for Preferred Securities or the redemption of the Preferred Securities
in full upon the maturity or redemption of the Debentures as provided in the
Declaration), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Preferred Securities to the date of
payment, to the extent the Issuer has funds on hand legally available therefor,
and (b) the amount of assets of the Issuer remaining available for distribution
to Holders in liquidation of the Issuer as required by applicable law.

          "Guarantee Trustee" means The Bank of New York, a New York banking
corporation, until a Successor Guarantee Trustee has been appointed and has
accepted such appointment pursuant to the terms of this Guarantee Agreement, and
thereafter means each such Successor Guarantee Trustee.

          "Guarantor" has the meaning set forth in the recitals above.

          "Holder" means any holder, as registered on the books and records of
the Issuer, of any Preferred Securities; PROVIDED, HOWEVER, that in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor or any Affiliate of the Guarantor.

          "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, and any officers, directors, shareholders, members, partners,
employees, representatives or agents of the Guarantee Trustee.

          "Indenture" means the Indenture dated as of _______________, 200_
between the Guarantor and _________________________, as trustee, as supplemented
by the _________ Supplemental Indenture thereto dated as of __________, 200_
(the "Supplemental Indenture"), pursuant to which the Debentures are to be
issued to the Property Trustee.

          "Issuer" has the meaning set forth in the recitals above.

          "Majority in liquidation amount of the Preferred Securities" means,
except as otherwise required by the Trust Indenture Act, Holder(s) of
outstanding Preferred Securities, voting together as a single class, who are the
record owners of Preferred Securities whose liquidation amount (including the
stated amount that would be paid on redemption, liquidation or otherwise, plus
accumulated and unpaid Distributions to the date upon which the voting
percentages are determined) represents more than 50% of the liquidation amount
of all outstanding Preferred Securities.

          "Officers' Certificate" means, with respect to any Person, a
certificate signed by the Chairman of the Board, any Vice Chairman of the Board,
the Chief Executive Officer, the

                                        3
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President, the Chief Operating Officer, the Chief Financial Officer or any Vice
President, and by the Treasurer, any Assistant Treasurer, the Secretary or any
Assistant Secretary of such Person, and delivered to the Guarantee Trustee. One
of the officers signing an Officers' Certificate given pursuant to Section 2.4
shall be the principal executive, financial or accounting officer of the
Guarantor. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Guarantee Agreement shall include:

          (i)   a statement that each officer signing such certificate has read
     such covenant or condition;

          (ii)  a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     certificate are based;

          (iii) a statement that, in the opinion of each such officer, he has
     made such examination or investigation as is necessary to enable him to
     express an informed opinion as to whether or not such covenant or condition
     has been complied with; and

          (iv)  a statement as to whether or not, in the opinion of such person,
     such condition or covenant has been complied with.

          "List of Holders" has the meaning set forth in Section 2.2(a).

          "Person" means any individual, corporation, partnership, limited
liability company, joint venture, incorporated or unincorporated association,
joint stock company, trust, unincorporated organization or government or other
agency or political subdivision thereof or other entity of any kind.

          "Preferred Securities" has the meaning set forth in the recitals
above.

          "Property Trustee" means the Person acting as Property Trustee under
the Declaration.

          "Redemption Price" means the amount payable on redemption of the
Preferred Securities in accordance with the terms of the Preferred Securities.

          "Resignation Request" has the meaning set forth in Section 4.2(d).

          "Responsible Officer" means, when used with respect to the Guarantee
Trustee, any officer within the corporate trust department of the Guarantee
Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the
Guarantee Trustee who customarily performs functions similar to those performed
by the Persons who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such Person's knowledge of and
familiarity with the particular subject and, in either case, who shall have
direct responsibility for the administration of this Guarantee Agreement.

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          "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as a Guarantee Trustee under Section 4.1.

          "Supplemental Indenture" has the meaning specified in the definition
of Indenture.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

                                   ARTICLE II
                               TRUST INDENTURE ACT

     SECTION 2.1    TRUST INDENTURE ACT; APPLICATION.

          (a)   This Guarantee Agreement is subject to the provisions of the
Trust Indenture Act that are required to be part of this Guarantee Agreement and
shall, to the extent applicable, be governed by such provisions.

          (b)   If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

          (c)   The application of the Trust Indenture Act to this Guarantee
Agreement shall not affect the nature of the Preferred Securities as equity
securities representing preferred undivided beneficial interests in the assets
of the Issuer.

     SECTION 2.2    LISTS OF HOLDERS OF PREFERRED SECURITIES.

          (a)   The Guarantor shall provide the Guarantee Trustee (unless the
Guarantee Trustee is the registrar of the Preferred Securities) (i) within 14
days after each record date for payment of Distributions, a list, in such form
as the Guarantee Trustee may reasonably require, of the names and addresses of
the Holders ("List of Holders") as of such date, and (ii) at any other time,
within 30 days of receipt by the Guarantor of a written request from the
Guarantee Trustee for a List of Holders, a List of Holders as of a date no more
than 15 days before such List of Holders is given to the Guarantee Trustee;
PROVIDED that in each case the Guarantor shall not be obligated to provide such
List of Holders at any time that the List of Holders does not differ from the
most recent List of Holders given to the Guarantee Trustee by the Guarantor. The
Guarantee Trustee shall preserve, in as current a form as is reasonably
practicable, all information contained in the Lists of Holders given to it;
PROVIDED that the Guarantee Trustee may destroy any List of Holders previously
given to it on receipt of a new List of Holders.

          (b)   The Guarantee Trustee shall comply with its obligations under
Section 312(b) of the Trust Indenture Act.

     SECTION 2.3    REPORTS BY THE GUARANTEE TRUSTEE.

          Within 60 days after May 15 of each year, commencing May 15, 2003,
the Guarantee Trustee shall deliver to the Holders such reports as are required
by Section 313 of the Trust Indenture Act, if any, in the form, in the manner
and at the times

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provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall
also comply with the other requirements of Section 313 of the Trust Indenture
Act. A copy of each such report shall, at the time of such transmission to the
Holders, be filed by the Guarantee Trustee with the Guarantor, with each stock
exchange or quotation system upon which any Preferred Securities are listed or
traded (if so listed or traded) and also with the Commission. The Guarantor
agrees to notify the Guarantee Trustee when any Preferred Securities become
listed on any stock exchange or quotation system and of any delisting thereof.

     SECTION 2.4    PERIODIC REPORTS TO THE GUARANTEE TRUSTEE.

          The Guarantor shall provide to the Guarantee Trustee, the Commission
and the Holders, as applicable, such documents, reports and information (if any)
as required by Section 314(a)(1)-(3) of the Trust Indenture Act and the
compliance certificates required by Section 314(a)(4) and (c) of the Trust
Indenture Act, any such certificates to be provided in the form, in the manner
and at the times required by Section 314(a)(4) and (c) of the Trust Indenture
Act (PROVIDED that any certificate to be provided pursuant to Section 314(a)(4)
of the Trust Indenture Act shall be provided within 120 days of the end of each
fiscal year of the Issuer). Delivery of such reports, information and documents
to the Guarantee Trustee is for informational purposes only and the Guarantee
Trustee's receipt thereof shall not constitute constructive notice of any
information contained therein, including the Guarantor's compliance with any of
its covenants hereunder (as to which the Guarantee Trustee is entitled to rely
exclusively on Officers' Certificates or on certificates provided pursuant to
this Section 2.4).

     SECTION 2.5    EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

          The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Guarantee
Agreement which relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an
officer pursuant to Section 314(c) may be given in the form of an Officers'
Certificate.

     SECTION 2.6    EVENTS OF DEFAULT; WAIVER.

          (a)   The Holders of a Majority in liquidation amount of the Preferred
Securities may, by vote, on behalf of the Holders, waive any past Event of
Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default, or
impair any right consequent thereon.

          (b)   The right of any Holder to receive payment of the Guarantee
Payments in accordance with this Guarantee Agreement, or to institute suit for
the enforcement of any such payment, shall not be impaired without the consent
of each such Holder.

     SECTION 2.7    DISCLOSURE OF INFORMATION.

          The disclosure of information as to the names and addresses of the
Holders in accordance with Section 312 of the Trust Indenture Act, regardless of
the source from which

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such information was derived, shall not be deemed to be a violation of any
existing law, or any law hereafter enacted which does not specifically refer to
Section 312 of the Trust Indenture Act, nor shall the Guarantee Trustee be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

     SECTION 2.8    CONFLICTING INTEREST.

          (a)   The Declaration shall be deemed to be specifically described in
this Guarantee Agreement for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

          (b)   The Guarantee Trustee shall comply with its obligations under
Sections 310(b) and 311 of the Trust Indenture Act.

                                  ARTICLE III
               POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     SECTION 3.1    POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.

          (a)   This Guarantee Agreement shall be held by the Guarantee Trustee
in trust for the benefit of the Holders. The Guarantee Trustee shall not
transfer its right, title and interest in this Guarantee Agreement to any Person
except a Successor Guarantee Trustee on acceptance by such Successor Guarantee
Trustee of its appointment to act as Guarantee Trustee or to a Holder exercising
his or her rights pursuant to Section 5.4(iv). The right, title and interest of
the Guarantee Trustee to this Guarantee Agreement shall vest automatically in
each Person who may hereafter be appointed as Guarantee Trustee in accordance
with Article IV. Such vesting and cessation of title shall be effective whether
or not conveyancing documents have been executed and delivered.

          (b)   If an Event of Default has occurred and is continuing, the
Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders.

          (c)   This Guarantee Agreement and all moneys received by the
Guarantee Trustee in respect of the Guarantee Payments will not be subject to
any right, charge, security interest, lien or claim of any kind in favor of, or
for the benefit of, the Guarantee Trustee or its agents or their creditors.

          (d)   The Guarantee Trustee shall, within 90 days after the occurrence
of an Event of Default known to a Responsible Officer of the Guarantee Trustee,
transmit by mail, first class postage prepaid, to the Holders, as their names
and addresses appear upon the List of Holders, notice of all such Events of
Default, unless such defaults shall have been cured before the giving of such
notice; PROVIDED that the Guarantee Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or
a trust committee of directors and/or Responsible Officers of the Guarantee
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders. The Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default except any Event of Default as to which the
Guarantee Trustee shall have received written notice or a Responsible Officer
charged with

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the administration of this Guarantee Agreement shall have obtained written
notice of such Event of Default.

          (e)   The Guarantee Trustee shall continue to serve as a trustee until
a Successor Guarantee Trustee has been appointed and accepted that appointment
in accordance with Article IV.

     SECTION 3.2    CERTAIN RIGHTS AND DUTIES OF THE GUARANTEE TRUSTEE.

          (a)   The Guarantee Trustee, before the occurrence of an Event of
Default and after the curing or waiving of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee Agreement, and no implied covenants shall be read into
this Guarantee Agreement against the Guarantee Trustee. In case an Event of
Default has occurred (that has not been cured or waived pursuant to Section
2.6), the Guarantee Trustee shall exercise such of the rights and powers vested
in it by this Guarantee Agreement, and use the same degree of care and skill in
its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs.

          (b)   No provision of this Guarantee Agreement shall be construed to
relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

          (i)   prior to the occurrence of an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

               (A) the duties and obligations of the Guarantee Trustee shall be
          determined solely by the express provisions of this Guarantee
          Agreement, and the Guarantee Trustee shall not be liable except for
          the performance of such duties and obligations as are specifically set
          forth in this Guarantee Agreement; and

               (B) in the absence of bad faith on the part of the Guarantee
          Trustee, the Guarantee Trustee may conclusively rely, as to the truth
          of the statements and the correctness of the opinions expressed
          therein, upon any certificates or opinions furnished to the Guarantee
          Trustee and conforming to the requirements of this Guarantee
          Agreement; PROVIDED, HOWEVER, that in the case of any such
          certificates or opinions that by any provision hereof or the Trust
          Indenture Act are specifically required to be furnished to the
          Guarantee Trustee, the Guarantee Trustee shall be under a duty to
          examine the same to determine whether or not they conform to the
          requirements of this Guarantee Agreement or the Trust Indenture Act,
          as the case may be (but need not confirm or investigate the accuracy
          of mathematical calculations or other facts stated therein);

          (ii)   the Guarantee Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer of the Guarantee
     Trustee, unless it shall be proved that the Guarantee Trustee was negligent
     in ascertaining the pertinent facts upon which such judgment was made;

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          (iii) the Guarantee Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it in good faith in accordance with
     the direction of the Holders of a Majority in liquidation amount of the
     Preferred Securities relating to the time, method and place of conducting
     any proceeding for any remedy available to the Guarantee Trustee, or
     exercising any trust or power conferred upon the Guarantee Trustee under
     this Guarantee Agreement; and

          (iv)  no provision of this Guarantee Agreement shall require the
     Guarantee Trustee to expend or risk its own funds or otherwise incur
     personal financial liability in the performance of any of its duties or in
     the exercise of any of its rights or powers, if it shall have reasonable
     grounds for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Guarantee Agreement or
     indemnity reasonably satisfactory to it against such risk or liability is
     not reasonably assured to it.

          (c)   Subject to the provisions of Section 3.2(a) and (b):

          (i)   whenever in the administration of this Guarantee Agreement, the
     Guarantee Trustee shall deem it desirable that a matter be proved or
     established prior to taking, suffering or omitting any action hereunder,
     the Guarantee Trustee (unless other evidence is herein specifically
     prescribed) may, in the absence of bad faith on its part, request and rely
     upon an Officers' Certificate, which, upon receipt of such request, shall
     be promptly delivered by the Guarantor;

          (ii)  the Guarantee Trustee (A) may consult with counsel (which may be
     counsel to the Guarantor or any of its Affiliates and may include any of
     its employees) selected by it in good faith and with due care and the
     advice or opinion of such counsel with respect to legal matters shall be
     full and complete authorization and protection in respect of any action
     taken, suffered or omitted by it hereunder in good faith and in reliance
     thereon and in accordance with such advice and opinion and (B) shall have
     the right at any time to seek instructions concerning the administration of
     this Guarantee Agreement from any court of competent jurisdiction;

          (iii) the Guarantee Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     agents or attorneys, and the Guarantee Trustee shall not be responsible for
     any willful misconduct or negligence on the part of any agent or attorney
     appointed by it in good faith and with due care;

          (iv) the Guarantee Trustee shall be under no obligation to exercise
     any of the rights or powers vested in it by this Guarantee Agreement at the
     request or direction of any Holder, unless such Holder shall have offered
     to the Guarantee Trustee security and indemnity reasonably satisfactory to
     the Guarantee Trustee against the costs, expenses (including attorneys'
     fees and expenses) and liabilities that might be incurred by it in
     complying with such request or direction; PROVIDED that nothing contained
     in this clause (iv) shall relieve the Guarantee Trustee of the obligation,
     upon the occurrence of an Event of Default (which has not been cured or
     waived) to exercise such of the rights and powers vested in it by this
     Guarantee Agreement, and to use the same degree of care and skill in

                                        9
<Page>

     this exercise as a prudent person would exercise or use under the
     circumstances in the conduct of his own affairs; and

          (v)   any action taken by the Guarantee Trustee or its agents
     hereunder shall bind the Holders, and the signature of the Guarantee
     Trustee or its agents alone shall be sufficient and effective to perform
     any such action; and no third party shall be required to inquire as to the
     authority of the Guarantee Trustee to so act, or as to its compliance with
     any of the terms and provisions of this Guarantee Agreement, both of which
     shall be conclusively evidenced by the Guarantee Trustee's or its agent's
     taking such action.

     SECTION 3.3    NOT RESPONSIBLE FOR ISSUANCE OF GUARANTEE.

          The Guarantee Trustee makes no representations as to the validity or
sufficiency of this Guarantee Agreement.

     SECTION 3.4    THE GUARANTEE TRUSTEE MAY OWN PREFERRED SECURITIES.

          The Guarantee Trustee, in its individual or any other capacity, may
become the owner or pledgee of Preferred Securities and, subject to the
provisions of Section 4.1, may otherwise deal with the Guarantor with the same
rights it would have if it were not the Guarantee Trustee.

     SECTION 3.5    MONEYS RECEIVED BY THE GUARANTEE TRUSTEE TO BE HELD IN
TRUST WITHOUT INTEREST.

          All moneys received by the Guarantee Trustee in respect of Guarantee
Payments shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received, but need not be segregated from other
funds except to the extent required by law. The Guarantee Trustee shall be under
no liability for interest on any moneys received by it hereunder except such as
it may agree in writing to pay thereon.

     SECTION 3.6    COMPENSATION AND EXPENSES OF GUARANTEE TRUSTEE.

          The Guarantor covenants and agrees to pay to the Guarantee Trustee
from time to time, and the Guarantee Trustee shall be entitled to, such
compensation as the Guarantor and the Guarantee Trustee shall from time to time
agree in writing (which shall not be limited by any provision of law in regard
to the compensation of a Guarantee Trustee of an express trust) for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Guarantee Trustee, and the Guarantor will pay or reimburse the
Guarantee Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Guarantee Trustee in accordance with any of
the provisions of this Guarantee Agreement (including the reasonable
compensation and the reasonable expenses and disbursements of its counsel and of
all persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or bad faith. The Guarantor also
covenants to indemnify each of the Guarantee Trustee or any predecessor
Guarantee Trustee and their officers, agents, directors and employees for, and
to hold them harmless against, any and all loss, liability, damage, claim or
expense including taxes (other than taxes based upon, measured by or determined
by the income, profit, franchise or doing business of the Guarantee

                                       10
<Page>

Trustee) incurred without negligence or bad faith on the part of the Guarantee
Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the reasonable costs and expenses of
defending itself against any claim (whether asserted by the Guarantor, any
Holder or any other Person) of liability in the premises. The provisions of this
Section 3.6 shall survive the termination of this Guarantee Agreement and
resignation or removal of the Guarantee Trustee.

                                   ARTICLE IV
                                GUARANTEE TRUSTEE

     SECTION 4.1    QUALIFICATIONS.

          There shall at all times be a Guarantee Trustee that shall:

          (i)   not be an Affiliate of the Guarantor; and

          (ii)  be a national banking association or corporation organized and
     doing business under the laws of the United States of America or any State
     or Territory thereof or of the District of Columbia, or a corporation or
     Person permitted by the Commission to act as an institutional trustee under
     the Trust Indenture Act, authorized under such laws to exercise corporate
     trust powers, having a combined capital and surplus of at least
     $50,000,000, and subject to supervision or examination by Federal, State,
     Territorial or District of Columbia authority. If such corporation
     publishes reports of condition at least annually, pursuant to law or to the
     requirements of the supervising or examining authority referred to above,
     then for the purposes of this clause (ii), the combined capital and surplus
     of such corporation shall be deemed to be its combined capital and surplus
     as set forth in its most recent report of condition so published.

          If at any time the Guarantee Trustee shall cease to satisfy the
requirements of clauses (i) and (ii) above, the Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.2. If
the Guarantee Trustee has or shall acquire any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and
the Guarantor shall in all respects comply with the provisions of Section 310(b)
of the Trust Indenture Act.

     SECTION 4.2    APPOINTMENT, REMOVAL AND RESIGNATION OF THE GUARANTEE
TRUSTEE.

          (a)   Subject to Section 4.2(b), the Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor.

          (b)   The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee possessing the qualifications
to act as Guarantee Trustee under Section 4.1 has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the Guarantee Trustee being
removed.

          (c)   The Guarantee Trustee appointed to office shall hold office
until its successor shall have been appointed or until its removal or
resignation.

                                       11
<Page>

          (d)   The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument (a "Resignation Request") in
writing signed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall take effect upon such delivery or upon such later date as is
specified therein; PROVIDED, HOWEVER, that no such resignation of the Guarantee
Trustee shall be effective until a Successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.1 has been appointed
and has accepted such appointment by instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

          (e)   If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of a Resignation Request or receipt of a notice of
removal by the Guarantee Trustee, the Guarantee Trustee resigning or to be
removed may, at the expense of the Guarantor, petition any court of competent
jurisdiction for appointment of a Successor Guarantee Trustee. Such court may
thereupon after such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.

                                    ARTICLE V
                                    GUARANTEE

     SECTION 5.1    GUARANTEE.

          The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of
set-off or counterclaim which the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or to the Guarantee Trustee for
remittance to the Holders or by causing the Issuer to pay such amounts to the
Holders.

     SECTION 5.2    WAIVER OF NOTICE.

          The Guarantor hereby waives notice of acceptance of this Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Issuer
or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands. Notwithstanding anything to the contrary herein, the Guarantor retains
all of its rights under the Indenture to extend the interest payment period on
the Debentures and the Guarantor shall not be obligated hereunder to make any
Guarantee Payment during any Extension Period with respect to the Distributions
on the Preferred Securities.

     SECTION 5.3    OBLIGATIONS NOT AFFECTED.

          The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

                                       12
<Page>

          (a)   the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

          (b)   the extension of time for the payment by the Issuer of all or
any portion of the Distributions (other than an extension of time for payment of
Distributions that result from any Extension Period), Redemption Price,
Liquidation Distribution (as defined in the Declaration) or any other sums
payable under the terms of the Preferred Securities or the extension of time for
the performance of any other obligation under, arising out of, or in connection
with, the Preferred Securities (other than an extension of time for payment of
Distributions that result from any Extension Period);

          (c)   any failure, omission, delay or lack of diligence on the part of
the Guarantee Trustee or the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Guarantee Trustee or the Holders
pursuant to the terms hereof or of the Preferred Securities, respectively, or
any action on the part of the Issuer granting indulgence or extension of any
kind;

          (d)   the voluntary or involuntary liquidation, dissolution, sale of
any collateral, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment of debt
of, or other similar proceedings affecting, the Issuer or any of the assets of
the Issuer;

          (e)   any invalidity of, or defect or deficiency in, the Preferred
Securities;

          (f)   the settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

          (g)   any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor with
respect to the Guarantee Payments shall be absolute and unconditional under any
and all circumstances.

          There shall be no obligation of the Guarantee Trustee or the Holders
to give notice to, or obtain consent of, the Guarantor with respect to the
happening of any of the foregoing.

     SECTION 5.4    ENFORCEMENT OF GUARANTEE.

          The Guarantor and the Guarantee Trustee expressly acknowledge and
agree that (i) this Guarantee Agreement will be deposited with the Guarantee
Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee
has the right to enforce this Guarantee Agreement on behalf of the Holders;
(iii) subject to the provisions of Section 3.2, Holders representing not less
than a Majority in liquidation amount of the Preferred Securities have the right
to direct the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee Agreement or
exercising any trust or other power conferred upon the Guarantee Trustee under
this Guarantee Agreement; and (iv) if the Guarantee Trustee fails to enforce
this Guarantee Agreement as provided in clauses (ii) and (iii)

                                       13
<Page>

above, any Holder may institute a legal proceeding directly against the
Guarantor to enforce its rights under this Guarantee Agreement, without first
instituting a legal proceeding against the Issuer, the Guarantee Trustee or any
other Person. Notwithstanding the foregoing, if the Guarantor has failed to make
a Guarantee Payment, a Holder may directly institute a proceeding against the
Guarantor for enforcement of this Guarantee Agreement for such payment without
first instituting a legal proceeding against the Issuer, the Guarantee Trustee
or any other Person.

     SECTION 5.5    GUARANTEE OF PAYMENT.

          This Guarantee Agreement creates a guarantee of payment and not merely
of collection. This Guarantee Agreement will not be discharged except by payment
of the Guarantee Payments in full (without duplication of amounts theretofore
paid by the Issuer) or upon the distribution of the Debentures to the Holders as
provided in the Declaration.

     SECTION 5.6    SUBROGATION.

          The Guarantor shall be subrogated to all (if any) rights of the
Holders against the Issuer in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; PROVIDED, HOWEVER, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders or to the Guarantee Trustee for remittance to
the Holders.

     SECTION 5.7    INDEPENDENT OBLIGATIONS.

          The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

     SECTION 6.1    LIMITATION OF TRANSACTIONS.

          So long as any Preferred Securities remain outstanding, the Guarantor
shall not (a) make any payment of principal, interest or premium, if any, on or
repay, repurchase or redeem any debt securities that rank PARI PASSU with or
junior to the Debentures in the right of payment, or (b) make any guarantee
payments with respect to any guarantee by the Guarantor of any securities of any
of its subsidiaries if such guarantee ranks PARI PASSU with or junior to the
Debentures in the right of payment or (c) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment
with respect to, any of the Guarantor's capital stock, except for or as a result
of (i) dividends or distributions in, or options, warrants or

                                       14
<Page>

rights to subscribe for or purchase, the Guarantor's Common Stock; (ii) any
declaration of a dividend in connection with the implementation of a
shareholder's rights plan, or the issuance of shares under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto;
(iii) a reclassification of the Guarantor's capital stock solely into shares of
one or more classes or series of the Guarantor's capital stock or the exchange
or conversion of one class or series of the Guarantor's capital stock for or
into another class or series of the Guarantor's capital stock; (iv) the purchase
of fractional interests in shares of the Guarantor's capital stock pursuant to
the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; and (v) the purchase of the Guarantor's Common
Stock in connection with the Guarantor's normal course issuer bid-purchases for
the satisfaction by the Guarantor of its obligations under any benefit plans for
the Guarantor and the Guarantor's subsidiaries' directors, officers or employees
or under any of the Guarantor's dividend reinvestment plans, if at such time (i)
the Guarantor shall be in default with respect to its Guarantee Payments or
other payment obligations hereunder, (ii) there shall have occurred and be
continuing any event of default under the Declaration or (iii) the Guarantor
shall have given notice of its election of an Extension Period and such period,
or any extension thereof, is continuing. In addition, so long as any Preferred
Securities remain outstanding, the Guarantor (i) will remain the sole direct or
indirect owner of all of the outstanding Common Securities and shall not cause
or permit the Common Securities to be transferred except to the extent such
transfer is permitted under the Declaration; PROVIDED that any permitted
successor of the Guarantor under the Indenture may succeed to the Guarantor's
direct or indirect ownership of the Common Securities, (ii) will cause the
holder of the Common Securities to satisfy the requirements of Section 4.03 of
the Declaration and (iii) will use reasonable efforts to cause the Issuer to
continue to be treated as a grantor trust for United States federal income tax
purposes, except in connection with a distribution of Debentures as provided in
the Declaration.

     SECTION 6.2    SUBORDINATION.

          This Guarantee Agreement will constitute an unsecured obligation of
the Guarantor and will rank (i) subordinate and junior in right of payment to
[all] [other] [senior] liabilities of the Guarantor, [except those made PARI
PASSU or subordinate by their terms,] and (ii) senior to [all capital stock now
or hereafter issued by the Guarantor] [and to any guarantee now or hereafter
entered into by the Guarantor in respect of any of its capital stock].

          If a Declaration Event of Default has occurred and is continuing under
the Declaration, the rights of the holders of the Common Securities to receive
Guarantee Payments will be subordinated to the rights of the Holders to receive
Guarantee Payments.

                                   ARTICLE VII
                                   TERMINATION

     SECTION 7.1    Termination.

          This Guarantee Agreement shall terminate and be of no further force
and effect (i) upon full payment of the Redemption Price of all Preferred
Securities, (ii) upon the distribution of Debentures [, or any securities into
which such Debentures are convertible,] to Holders and holders of Common
Securities in exchange for all of the Preferred Securities and Common

                                       15
<Page>

Securities or (iii) upon full payment of the amounts payable in accordance with
the Declaration upon liquidation of the Issuer. Notwithstanding the foregoing,
this Guarantee Agreement will continue to be effective or will be reinstated, as
the case may be, if at any time any Holder must restore payment of any sums paid
with respect to the Preferred Securities or under this Guarantee Agreement.

                                  ARTICLE VIII
                    LIMITATION OF LIABILITY; INDEMNIFICATION

     SECTION 8.1    EXCULPATION.

          (a)   No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Holder for any loss,
damage or claim incurred by reason of any act or omission performed or omitted
by such Indemnified Person in good faith in accordance with this Guarantee
Agreement and in a manner such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Guarantee Agreement or by law, except that an Indemnified Person shall be liable
for any such loss, damage or claim incurred by reason of such Indemnified
Person's negligence or willful misconduct with respect to such acts or
omissions.

          (b)  An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value or amount of the assets, liabilities, profits, losses
or any other facts pertinent to the existence and amount of assets from which
Distributions to Holders might properly be paid.

     SECTION 8.2    INDEMNIFICATION.

          To the fullest extent permitted by applicable law, the Guarantor
shall indemnify and hold harmless each Indemnified Person from and against any
loss, damage or claim incurred by such Indemnified Person arising out of or in
connection with the acceptance or administration of the trust or trusts
hereunder or by reason of any act or omission performed or omitted by such
Indemnified Person in good faith in accordance with this Guarantee Agreement
and in a manner such Indemnified Person reasonably believed to be within the
scope of authority conferred on such Indemnified Person by this Guarantee
Agreement, except that no Indemnified Person shall be entitled to be
indemnified in respect of any loss, damage or claim incurred by such
Indemnified Person by reason of negligence or willful misconduct with respect
to such acts or omissions.

     SECTION 8.3    SURVIVE TERMINATION.

          The provisions of Sections 8.1 and 8.2 shall survive the termination
of this Guarantee Agreement or the resignation or removal of the Guarantee
Trustee.

                                       16
<Page>

                                   ARTICLE IX
                                  MISCELLANEOUS

     SECTION 9.1    SUCCESSORS AND ASSIGNS.

          All guarantees and agreements contained in this Guarantee Agreement
shall bind the successors, assignees, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Guarantee Trustee and the
Holders then outstanding. Except in connection with a consolidation, merger or
sale involving the Guarantor that is permitted under Article 8.01 of the
Indenture, the Guarantor shall not assign its obligations hereunder.

     SECTION 9.2    AMENDMENTS.

          Except with respect to any changes which do not adversely affect the
rights of Holders in any material respect (in which case no consent of Holders
will be required), this Guarantee Agreement may only be amended with the prior
approval of the Guarantor, the Guarantee Trustee and the Holders of not less
than a Majority in liquidation amount of the Preferred Securities. The
provisions of Section 12.02 of the Declaration concerning meetings of Holders
shall apply to the giving of such approval.

     SECTION 9.3    NOTICES.

          Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, in English, duly signed by the party giving
such notice, and delivered, telecopied or mailed by first class mail as follows:

          (a)   if given to the Guarantor, to the address set forth below or
such other address as the Guarantor may give notice of to the Holders:

          Marathon Oil Corporation
          5555 San Felipe Road
          Houston, Texas 77056-2723
          Attention:________________

          Facsimile:________________

          (b)   if given to the Guarantee Trustee, to the address set forth
below or such other address as the Guarantee Trustee may give notice of to the
Holders:

                  The Bank of New York
                  101 Barclay Street, Floor 8W
                  New York, New York 10286
                  Attention: Corporate Trust Administration
                  Facsimile: (212) 815-5704

          (c)   if given to any Holder, at the address set forth on the books
and records of the Issuer.

                                       17
<Page>

          All notices hereunder shall be deemed to have been given when (i)
received in person, (ii) telecopied with receipt confirmed or (iii) received if
mailed by first class mail, postage prepaid, except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address
of which no notice was given, such notice or other document shall be deemed to
have been delivered on the date of such refusal or inability to deliver.

     SECTION 9.4    GENDERS.

          The masculine, feminine and neuter genders used herein shall include
the masculine, feminine and neuter genders.

     SECTION 9.5    BENEFIT.

          This Guarantee Agreement is solely for the benefit of the Guarantee
Trustee and the Holders and, subject to Section 3.1(a), is not separately
transferable from the Preferred Securities.

     SECTION 9.6    GOVERNING LAW.

          THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD
TO ANY PRINCIPLES OF CONFLICTS OF LAWS THEREOF THAT WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION).

     SECTION 9.7    COUNTERPARTS.

          This Guarantee Agreement may be executed in multiple counterparts,
each of which shall be an original; but all such counterparts shall together
constitute one and the same instrument.

     SECTION 9.8    [EXERCISE OF OVERALLOTMENT OPTION.

          If and to the extent that Preferred Securities are issued by the
Issuer upon exercise of the overallotment option referred to in the first
recital to this Guarantee Agreement, the Guarantor agrees to give prompt notice
thereof to the Guarantee Trustee, but the failure to give such notice shall not
relieve the Guarantor of any of its obligations hereunder.]

                                       18
<Page>

          THIS GUARANTEE AGREEMENT is executed as of the day and year first
above written.

                                  MARATHON OIL CORPORATION

                                  By:
                                     ----------------------------------------
                                     Name:
                                          -----------------------------------
                                     Title:
                                           ----------------------------------

                                  THE BANK OF NEW YORK
                                       as Guarantee Trustee

                                  By:
                                     ----------------------------------------
                                     Name:
                                          -----------------------------------
                                     Title:
                                           ----------------------------------

                                       19

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