EXHIBIT 99.1
FOR FURTHER INFORMATION:
USX Ashland Inc.
William E. Keslar Dan Lacy
(412) 433-6870 (606) 329-3148
FOR IMMEDIATE RELEASE
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MARATHON AND ASHLAND CLOSE JOINT VENTURE TRANSACTION
FINDLAY, Ohio, Jan. 2, 1998 -- USX Corporation's Marathon Oil Company and
Ashland Inc. today jointly announced that they have closed the transaction that
officially creates the refining and marketing company, Marathon Ashland
Petroleum LLC. The close of the transaction was effective Jan. 1, 1998.
Marathon has a 62 percent interest in the new company and Ashland holds a
38 percent interest.
USX, Marathon and Ashland officials signed definitive agreements to create
the venture Dec. 12. Plans to pursue the combination were first announced May
15 when a letter of intent to seek a combination of the major elements of the
two firms' downstream operations was signed.
Marathon Ashland Petroleum will operate seven refineries with a combined
capacity of 935,000 barrels per day, or six percent of the total U.S. refining
capacity. The refineries are located at Garyville, La., (255,000 b/d);
Catlettsburg, Ky., (220,000 b/d), Robinson, Ill., (180,000 b/d); St. Paul Park,
Minn., (70,000 b/d); Texas City, Texas (70,000 b/d); Detroit, Mich., (70,000
b/d); and Canton, Ohio (70,000 b/d). The new company will have 84 light
products and asphalt terminals in the Midwest and Southeast United States, 5,400
retail marketing outlets in 20 states, and significant pipeline holdings.
Marathon Oil Company is a part of the USX-Marathon Group (NYSE:MRO).
Ashland Inc. (NYSE:ASH) is a large energy and chemical company engaged in
petroleum refining and marketing; coal and highway construction.
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1998-1-2
For more information on Marathon see www.marathon.com or www.usx.com
For more information on Ashland see www.ashland.com