Marathon Oil is engaged in the worldwide exploration and production of crude oil and natural gas, as well as the domestic refining, marketing and transportation of petroleum products. In a move to "differentiate the company from its competitors" Marathon has added an integrated gas component to its exploration and production business. The plan is for the integrated gas unit to provide a third-income stream that is disconnected from the volatility of upstream commodity prices and downstream margins.
2004 was a strong year with six discoveries in four countries. Marathon completed condensate expansion and advanced liquefied petroleum gas (LPG) expansions projects in Equatorial Guinea and signed a liquefied natural gas (LNG) supply agreement for Elba Island LNG regas terminal capacity rights. The company also was granted planning permission for its Corrib development. Additionally the Detroit refinery expansion is on schedule to be completed in late 2005.
Marathon and the Government of Equatorial Guinea report positive results from the first phase of the five-year, $8.3 million Bioko Island Malaria Control Project (BIMCP) in Equatorial Guinea. These initial results include an 80% reduction in malaria transmitting mosquitoes and a 33% reduction in the presence of malaria parasites in children. Malaria is endemic in Equatorial Guinea and is the number one killer in sub-Saharan Africa. The high prevalence of malaria on Bioko Island contributes significantly to an estimated mortality rate of 17% in children less than five years of age.
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