Exhibit 99.1

MARATHON OIL CORPORATION REPORTS
FIRST QUARTER 2003 RESULTS

HOUSTON, April 24 - Marathon Oil Corporation (NYSE: MRO) today reported
first quarter 2003 net income of $307 million, or $0.99 per diluted share. Net
income in the first quarter 2002 was $67 million, or $0.22 per diluted share.
For the first quarter of 2002, net income adjusted for special items was $27
million, or $0.09 per diluted share.

Earnings Highlights
(Dollars in millions except per diluted share data)

Quarter ended March 31
2003 2002
- ---------------------------------------------------------------------------------------------------------------------

Net income adjusted for special items* $307 $27
Adjustments for special items (After tax):
Cumulative effect of changes in accounting principles --- 13
Inventory market valuation reserve adjustment --- 27
Net income $307 $67
Net income - per diluted share $0.99 $0.22
Net income adjusted for special items* - per diluted share $0.99 $0.09
Revenues and other income $10,170 $6,464

* See page 5 for a discussion of net income adjusted for special items.

First Quarter 2003 Key Events

Strengthening core areas:
- Progressing Equatorial Guinea expansion projects on schedule and on budget
- Encouraging exploration results in Norway and Angola
Strengthening Marathon Ashland Petroleum LLC (MAP) assets:
- Increased fluid catalytic cracking unit capacity at the Garyville,
Louisiana, and Texas City, Texas, refineries
- Purchased additional interest in Centennial Pipeline
- Completed Pilot Travel Centers LLC acquisition of Williams travel centers
Maintaining financial discipline and flexibility through asset rationalization
program:
- Increased 2003 proposed non-core asset sales from $400 million to
more than $700 million
- Announced sale of Speedway SuperAmerica LLC (SSA)assets in Southeastern U.S.

"Marathon's first quarter results were significantly better than those
reported in the same period last year primarily due to higher natural gas and
crude oil prices, as well as improved refining crack spreads and widening
sweet/sour crude oil price differentials," said Marathon President and CEO
Clarence P. Cazalot, Jr. "Once again, being a fully integrated company helped
deliver increased shareholder value as our solid upstream performance helped
offset the impact of significant refinery maintenance activities and high
natural gas costs in the downstream segment.
"During the quarter we continued to execute our established strategies,
which are focused on increasing shareholder value. We improved our exploration

performance and core area growth with an announced discovery at our first
company-operated exploration well in Norway, and with continued encouraging
results in deepwater Angola. We continue to advance our integrated gas strategy
through several key projects including our Equatorial Guinea expansion projects
and the proposed Tijuana Regional Energy Center. In addition, we have
maintained MAP as best-in-class with strategic acquisitions and divestitures
and through refinery and infrastructure enhancements.
"We are undertaking these efforts while maintaining financial discipline
allowing us to lower our cash adjusted debt-to-capital ratio from 44.5 percent
at year-end to just over 42 percent currently. Our asset rationalization
program will enable us to maintain financial flexibility to fund profitable
value growth through investment in our core businesses and to take
advantage of select opportunities such as the recently announced agreement to
acquire Khanty Mansiysk Oil Corporation."

Exploration and Production
In the exploration and production (upstream) sector, Marathon's first
quarter oil and gas production averaged 414,000 barrels of oil equivalent per
day (boepd).
In Equatorial Guinea, Marathon's expansion projects are continuing on
schedule and on budget. Phase 2A will expand gas cycling and condensate
recovery capacity and this phase is 85-percent complete with expected start-up
in the fourth quarter of 2003. Phase 2B, which will expand onshore liquefied
petroleum gas (LPG) capacity six-fold, is 22-percent complete with an expected
start-up during the fourth quarter 2004. Upon completion of phases 2A and 2B,
Marathon's net production is expected to increase from 22,000 boepd to
approximately 50,000 boepd.
During the first quarter, Marathon drilled the first well of its 2003
Norwegian continental shelf exploration program on the Kneler prospect and
recently announced its success. Located in the Marathon-operated production
license (PL)203 in 390 feet of water, the Kneler exploration well encountered
high quality crude oil in a gross oil column of 155 feet with 115 net feet of
pay. The next exploration well is now drilling nearby on the Boa prospect
in the Marathon-operated PL088BS, with up to two additional wells in the area
to follow this year. Marathon has a 65-percent working interest in both of
these production licenses.
Offshore Angola, Marathon and its partners previously reported
encouraging results from the Gindungo exploration well on Block 32, where
Marathon holds a 30-percent working interest. Subsequent testing has been
completed and the results will be announced as soon as all necessary approvals
have been acquired. The company expects to drill another well on Block 32 by
year-end. On the adjacent Block 31, a well at the Saturno prospect has reached
total depth and is being tested. Saturno is located near the Plutao oil
discovery announced last year. One additional exploration well will be drilled
in 2003 on Block 31, in which Marathon holds a 10-percent interest.

Refining, Marketing and Transportation
In the refining, marketing and transportation (downstream) segment,
MAP expanded the fluid catalytic cracking unit capacity at the Garyville and
Texas City refineries, during planned turnarounds, by a combined total of about
15,000 barrels per day, which will result in higher production of motor fuels
heading into the heavy U.S. driving season.
During the quarter, MAP increased its ownership in Centennial Pipeline
LLC from 33 percent to 50 percent for $20 million. Centennial is a 797-mile
pipeline with the capacity to transport approximately 210,000 barrels of
refined petroleum products per day from the Gulf Coast to the Midwest. Shippers
on the Centennial Pipeline can deliver products from origination points along
the U.S. Gulf Coast to Midwest markets served by the Marathon Ashland Pipe Line
and the TEPPCO systems. Marathon Ashland Pipe Line LLC, a wholly owned
subsidiary of MAP, is operator of Centennial Pipeline.
In February, Pilot Travel Centers LLC completed its acquisition of 60
Williams travel centers. Pilot Travel Centers is a joint venture, 50-percent
owned by MAP and 50-percent owned by Pilot Corporation. Pilot Travel Centers
operates the largest travel center network in the United States with
approximately 270 locations.
Cardinal Products Pipeline, which began construction last year, is
still on target to become operational by mid-2003 despite weather delays. The
149-mile refined product pipeline from Kenova, West Virginia, to
Columbus, Ohio, will provide a stable, cost-effective supply of gasoline,
diesel fuel and jet fuel to the central Ohio market.

Corporate Matters
As part of Marathon's commitment to maintain financial discipline and
high grade its asset portfolio, the company announced an asset rationalization
program in February to divest of certain upstream and downstream assets
determined to be non-core to Marathon's strategy. Two actions were announced
during the first quarter as part of this program. The first is an agreement to
sell 193 SSA retail outlets in the Southeastern United States to Sunoco Inc.
for $140 million plus store inventory. The sale has received Federal Trade
Commission clearance and is expected to close during the second quarter of 2003.
This is a continuation of MAP's strategy to focus its company-operated business
in the Midwest where the company can leverage its critical mass of locations
and capitalize on its pipeline and distribution networks. The second is
Marathon's announced intent to solicit offers for the company's interests
in Western Canada.

Marathon currently estimates the 2003 sales of these and other upstream
and downstream assets are likely to exceed $700 million, significantly higher
than the original estimate of $400 million. Proceeds will be used to strengthen
the balance sheet and to invest in business opportunities consistent with
Marathon's strategy to create superior long term value growth.

Segment Results
Total segment income was $613 million in first quarter 2003, compared
with $139 million in first quarter 2002.

Exploration and Production
Upstream segment income totaled $535 million in first quarter 2003,
compared to $167 million in first quarter 2002. The increase was a result of
higher natural gas and liquid hydrocarbon prices partially offset by derivative
losses in the quarter of $53 million and lower liquid hydrocarbon volumes.
United States upstream income was $355 million in first quarter 2003,
compared to $89 million in first quarter 2002. The increase was primarily due
to higher natural gas and liquid hydrocarbon prices. This increase was
partially offset by derivative losses in the quarter of $46 million and lower
liquid hydrocarbon volumes.
International upstream income was $180 million in first quarter 2003,
compared to $78 million in first quarter 2002. The increase was primarily a
result of higher liquid hydrocarbon and natural gas prices partially offset by
derivative activity.
Marathon continues to estimate its 2003 production will average
approximately 390,000 to 395,000 boepd, excluding the effects of any
acquisitions or dispositions.

Refining, Marketing and Transportation
Downstream segment income was $67 million in first quarter 2003,
versus segment loss of $51 million in first quarter 2002, due to improved crack
spreads and widening sweet/sour crude differentials. These improvements were
partially offset by lower production at MAP's refineries resulting from planned
and unplanned maintenance, which was completed in the first quarter of 2003. In
addition, the improved sweet/sour crude differentials were largely offset by
the steep backwardation in the crude oil markets, a situation which occurs when
market prices are expected to be lower in future months than today. Finally,
manufacturing costs were up substantially due to higher natural gas costs and
increased planned and unplanned maintenance activities at MAP refineries.

Other Energy Related Businesses
Other energy related businesses segment income was $11 million in first
quarter 2003 compared with $23 million in first quarter 2002. The decrease in
2003 was primarily the result of marked-to-market valuation changes in
derivatives used to support natural gas purchase and resale activity and other
derivative losses. This decrease was partially offset by increased earnings
from Marathon's equity investment in the Equatorial Guinea methanol plant.

-xxx-
In addition to net income determined in accordance with generally
accepted accounting principles (GAAP), Marathon has provided supplementally
"net income adjusted for special items", a non-GAAP financial measure which
facilitates comparisons to earnings forecasts prepared by stock analysts and
other third parties. Such forecasts generally exclude the effects of items that
are difficult to predict or to measure in advance and are not directly related
to Marathon's ongoing operations. A reconciliation between GAAP net income and
"net income adjusted for special items" is provided in a table on page 1. "Net
income adjusted for special items" should not be considered a substitute for
net income as reported in accordance with GAAP. Generally, items excluded from
"net income adjusted for special items" are not allocated to Marathon's segment
income.
Management, as well as certain investors, uses "net income adjusted
for special items" to evaluate Marathon's financial performance. Management
also uses "net income adjusted for special items" to compare Marathon's
performance to certain competitors. Examples of "special items" are the effects
of changes in accounting principles, temporary inventory valuation effects or
effects related to programs to redeploy assets or to restructure operations,
workforce or capitalization.

This release contains forward-looking statements with respect to a
proposed merger and the time of closing the transaction, the timing and levels
of the company's worldwide liquid hydrocarbon and natural gas and condensate
production and sales, future exploration and drilling activity, additional
reserves, the estimated commencement date of pipeline facilities and pipeline
deliveries, asset dispositions, and investment in other business opportunities.
Some factors that could affect the proposed merger and time of closing include
shareholder approval of the merger, a matching offer by the 45 percent
shareholder for the common stock, and satisfaction of other closing conditions.
Some factors that could potentially affect worldwide liquid hydrocarbon and
natural gas and condensate production and sales, and the exploration and
drilling activities include acts of war or terrorist acts and the governmental
or military response thereto, pricing, supply and demand for petroleum
products, amount of capital available for exploration and development,
occurrence of acquisitions/dispositions of oil and gas properties, regulatory
constraints, timing of commencing production from new wells, drilling rig
availability and other geological, operating and economic considerations. The
forward-looking information related to reserve additions is based on certain
assumptions, including, among others, presently known physical data concerning
size and character of reservoirs, economic recoverability, technology
development, future drilling success, production experience, industry economic
conditions, levels of cash flow from operations and operating conditions.
Factors that could impact the estimated commencement date of pipeline
facilities and pipeline deliveries include completion of construction and
unforeseen hazards such as weather conditions. The forward-looking information
concerning asset dispositions is based upon certain assumptions including the
identification of buyers and the negotiation of acceptable prices and other
terms, customary closing conditions and any applicable regulatory approval.
The forward-looking information with respect to investment in other business
opportunities is based on certain assumptions including (among others) property
dispositions, prices, worldwide supply and demand of petroleum products,
regulatory impacts and constraints, levels of company cash flow and economic
considerations. The foregoing factors (among others) could cause actual results
to differ materially from those set forth in the forward-looking statements.
In accordance with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, Marathon Oil Corporation has included in its
Annual Report on Form 10-K for the year ended December 31, 2002 and subsequent
forms 8-K, cautionary language identifying important factors, though not
necessarily all such factors, that could cause future outcomes to differ
materially from those set forth in the forward-looking statements.

The company will conduct a conference call on first-quarter results on
April 24, 2003, at 2 p.m. EDT. To listen to the Web cast of the conference call,
visit the Marathon Web site at www.marathon.com. Replays of the Web cast will be
available through May 8, 2003. Quarterly financial and operational information
is also provided on our Web site at
http://www.marathon.com/Investor_Center/Investor_Relations/ in the Quarterly
Investor Packet.

Media Contacts: Paul Weeditz 713-296-3910
Susan Richardson 713-296-3915
Investor Relations: Ken Matheny 713-296-4114
Howard Thill 713-296-4140

MARATHON OIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)
------------------------------------------------------

First Quarter Ended
March 31
(Dollars in millions, except per share amounts) 2003 2002
- --------------------------------------------------------------------------------------------------
REVENUES AND OTHER INCOME:

Sales and other operating revenues (including
consumer excise taxes).............................................. $10,103 $6,419
Income from equity method investments.................................. 48 24
Net gains on disposal of assets........................................ 2 8
Gain on ownership change in Marathon
Ashland Petroleum LLC............................................... 4 2
Other income........................................................... 13 11
------ ------
Total revenues and other income..................................... 10,170 6,464
------ ------
COSTS AND EXPENSES:
Cost of revenues (excludes items shown below).......................... 7,929 4,761
Consumer excise taxes.................................................. 1,017 996
Depreciation, depletion and amortization............................... 309 302
Selling, general and administrative expenses........................... 207 187
Other taxes............................................................ 81 64
Exploration expenses................................................... 54 57
Inventory market valuation credit...................................... - (71)
------ ------
Total costs and expenses............................................ 9,597 6,296
------ ------
INCOME FROM OPERATIONS................................................... 573 168
Net interest and other financial costs................................... 65 64
Minority interest in income of Marathon Ashland
Petroleum LLC........................................................... 30 11
------ ------
INCOME BEFORE INCOME TAXES............................................... 478 93
Provision for income taxes............................................... 175 39
------ ------
INCOME BEFORE CUMULATIVE EFFECT OF CHANGES
IN ACCOUNTING PRINCIPLES................................................ 303 54
Cumulative effect of changes in accounting principles.................... 4 13
------ ------
NET INCOME............................................................... $307 $67
====== ======

The following notes are an integral part of this Consolidated
Statement of Income.

MARATHON OIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (Continued) (Unaudited)
------------------------------------------------------------------

First Quarter Ended
March 31
(Dollars in millions, except per share amounts) 2003 2002
- -------------------------------------------------------------------------------------------------

Income before cumulative effect of changes
in accounting principles......................................... $303 $54
- Per share - basic and diluted.................................. $.98 $.17

Net income........................................................... $307 $67
- Per share - basic and diluted.................................. $.99 $.22

Dividends paid per share............................................. $.23 $.23

Weighted average shares, in thousands
- Basic.......................................................... 309,915 309,568
- Diluted........................................................ 309,961 309,836

The following notes are an integral part of this Consolidated
Statement of Income.

MARATHON OIL CORPORATION
SELECTED NOTES TO FINANCIAL STATEMENT
-------------------------------------

1. Marathon Oil Corporation (Marathon) is engaged in worldwide exploration
and production of crude oil and natural gas; domestic refining, marketing
and transportation of crude oil and petroleum products primarily through
its 62 percent owned subsidiary, Marathon Ashland Petroleum LLC; and other
energy related businesses.

2. Marathon has established an inventory market valuation (IMV) reserve to
reduce the cost basis of its inventories to current market value.
Quarterly adjustments to the IMV reserve result in noncash charges or
credits to income from operations. Decreases in market prices below the
cost basis result in charges to income from operations. Once a reserve
has been established, subsequent inventory turnover and increases in
prices (up to the cost basis) result in credits to income from operations.
First quarter 2002 results of operations include credits to income from
operations of $71 million.

MARATHON OIL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
------------------------------------------------

First Quarter
Ended March 31
(Dollars in millions) 2003 2002
- ---------------------------------------------------------------------------------------------

INCOME (LOSS) FROM OPERATIONS
Exploration & Production(a)
United States............................................. $355 $89
International............................................. 180 78
------- -------
Income For E&P Reportable Segment....................... 535 167
Refining, Marketing & Transportation(b)..................... 67 (51)
Other Energy Related Businesses(a).......................... 11 23
------- -------
Income For Reportable Segments.......................... $613 $139

Items Not Allocated To Segments:
Administrative Expenses..................................... $(44) $(44)
Inventory Market Valuation Credit........................... - 71
Gain on Ownership Change - MAP.............................. 4 2
------- -------
Income From Operations.................................. $573 $168

CAPITAL EXPENDITURES
Exploration & Production(a)................................. $234 $217
Refining, Marketing & Transportation........................ 131 69
Other Energy Related Businesses(a).......................... 8 1
Corporate................................................... 1 5
------- -------
Total................................................... $374 $292

EXPLORATION EXPENSE
United States............................................... $38 $49
International............................................... 16 8
------- -------
Total................................................... $54 $57

OPERATING STATISTICS
Net Liquid Hydrocarbon Production(mbpd)(c)
United States............................................... 108.9 122.1
U.S. Equity Investee (MKM).................................. 8.8 8.9
------- -------
Total United States....................................... 117.7 131.0

Europe...................................................... 49.2 45.4
Other International......................................... 5.9 4.1
West Africa................................................. 18.2 25.4
International Equity Investee (CLAM)........................ - .1
------- -------
Total International....................................... 73.3 75.0
------- -------
Worldwide................................................. 191.0 206.0

Net Natural Gas Production(mmcfd)(c)(d)
United States............................................... 778.0 786.7

Europe...................................................... 359.6 335.8
Other International......................................... 98.7 105.5
West Africa................................................. 72.6 49.1
International Equity Investee (CLAM)........................ 27.9 31.5
------- -------
Total International....................................... 558.8 521.9
------- -------
Worldwide................................................. 1,336.8 1,308.6

Total production (mboepd)........................................ 413.8 424.1

MARATHON OIL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
------------------------------------------------

First Quarter
Ended March 31
2003 2002
- ------------------------------------------------------------------------------------------------------
OPERATING STATISTICS

Average Sales Prices (excluding derivative gains and losses)
Liquids Hydrocarbons
United States........................................................ $30.14 $17.98
U.S. Equity Investee (MKM)........................................... 31.95 19.96
Total United States................................................ 30.28 18.12

Europe............................................................... 31.19 20.45
Other International.................................................. 31.46 19.15
West Africa.......................................................... 28.83 20.84
Total International................................................ 30.63 20.48

Worldwide.......................................................... $30.41 $18.98

Natural Gas
United States........................................................ $5.38 $2.35

Europe............................................................... 3.33 2.93
Other International.................................................. 6.15 2.64
West Africa.......................................................... .25 .24
International Equity Investee (CLAM)................................. 3.86 3.04
Total International................................................ 3.45 2.62

Worldwide.......................................................... $4.57 $2.46

Average Sales Prices (including derivative gains and losses)
Liquids Hydrocarbons
United States........................................................ $29.09 $16.50
U.S. Equity Investee (MKM)........................................... 31.95 19.96
Total United States................................................ 29.31 16.73

Europe............................................................... 30.31 20.45
Other International.................................................. 31.46 19.15
West Africa.......................................................... 28.83 20.84
Total International................................................ 30.04 20.48

Worldwide.......................................................... $29.59 $18.10

Natural Gas
United States........................................................ $4.86 $2.46

Europe .............................................................. 3.26 3.48
Other International.................................................. 6.15 2.64
West Africa.......................................................... .25 .24
International Equity Investee (CLAM)................................. 3.86 3.04
Total International................................................ 3.41 2.98

Worldwide.......................................................... $4.24 $2.66

MARATHON OIL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
------------------------------------------------

First Quarter
Ended March 31
2003 2002
- -----------------------------------------------------------------------------------------------------
MAP:

Refinery Runs(mbpd)
Crude Oil Refined.............................................. 853.1 891.0
Other Charge and Blend Stocks.................................. 96.4 160.3
------- -------
Total.................................................... 949.5 1,051.3

Refined Product Yields(mbpd)
Gasoline....................................................... 483.4 590.7
Distillates.................................................... 257.5 278.1
Propane........................................................ 19.1 20.5
Feedstocks and Special Products................................ 105.6 83.1
Heavy Fuel Oil................................................. 18.0 19.6
Asphalt........................................................ 65.7 65.4
------- -------
Total.................................................... 949.3 1,057.4

Refined Product Sales Volumes(mbpd)............................... 1,280.2 1,227.8
Matching buy/sell volumes included in refined
product sales volumes(mbpd).................................... 78.3 54.1

Refining and Wholesale Marketing Margin(e)(f)..................... $0.0408 $0.0162

Number of SSA retail outlets...................................... 2,005 2,097
SSA Gasoline and Distillate Sales(g).............................. 829 852
SSA Gasoline and Distillate Gross Margin(e)....................... $0.1166 $0.0827
SSA Merchandise Sales(h).......................................... $522 $540
SSA Merchandise Gross Margin...................................... $133 $130
- --------------

(a) In the fourth quarter 2002, Marathon changed its internal reporting to
include costs of certain emerging integrated gas projects in Other
Energy Related Businesses. Previously in 2002, these costs were
reported in Exploration and Production. Segment income and capital
expenditures for previous quarters in 2002 have been revised to reflect
this change.
(b) Includes MAP at 100%. RM&T segment income includes Ashland's 38%
interest in MAP of $31 million and $(17) million in the first quarter
2003 and 2002, respectively.
(c) Amounts reflect production after royalties, excluding the U.K., Ireland
and the Netherlands where amounts are before royalties.
(d) Includes gas acquired for injection and subsequent resale of 29.7 and
3.8 mmcfd in the first quarter 2003 and 2002, respectively.
(e) Per gallon
(f) Sales revenue less cost of refinery inputs, purchased products and
manufacturing expenses, including depreciation.
(g) Millions of gallons
(h) Effective January 1, 2003, SSA adopted EITF 02-16 "Accounting by a
Customer (Including a Reseller) for Certain Consideration Received from
a Vendor", which requires rebates from vendors to be recorded as
reductions to cost of revenues. Rebates from vendors recorded in SSA
merchandise sales for periods prior to January 1, 2003 were $44 million
for the first quarter ended March 31, 2002 and have not been restated.