Contact: William E. Keslar
Don H. Herring
(412) 433-6870
FOR IMMEDIATE RELEASE
USX CORPORATION RAISES DIVIDEND AND ANNOUNCES STOCK REPURCHASE PROGRAM FOR USX-
MARATHON GROUP COMMON STOCK
PITTSBURGH, July 25, 2000 - USX Corporation announced that the Board
of Directors declared a dividend of 23 cents per share on USX-Marathon Group
(NYSE:MRO) Common Stock, an increase of 2 cents per share, or 9.5 percent over
the previous quarter. The dividend is payable September 9, 2000, to
stockholders of record at the close of business August 16, 2000.
Commenting on the Marathon Group dividend increase, USX Corporation
Board Chairman Thomas J. Usher said, "This is the third dividend increase in
less than four years. The Board's decision to raise the dividend again
reflects our continued confidence in the Marathon Group's future and its
prospects."
USX Corporation also announced that its Board of Directors has
authorized the spending of up to $450 million to repurchase shares of its USX-
Marathon Group (NYSE:MRO) Common Stock, such purchases to be made from time to
time as the Corporation's financial condition and market conditions warrant.
Any purchases under the program may be in either open market transactions,
including block purchases, or in privately negotiated transactions. The
repurchase program does not include specific price targets or timetables, and
is subject to termination prior to completion. At the current stock price,
approximately 6% of Marathon's 312 million shares outstanding could be
repurchased. USX-Marathon Group will use cash on hand, cash generated from
operations, or cash from available borrowing to acquire the shares.
Commenting on the USX-Marathon Group stock repurchase, USX Corporation
Board Chairman Thomas J. Usher said, "We think the Marathon Group stock is
undervalued and this is an excellent use for excess cash flow at this time."
During the repurchase program, offerings of Marathon Stock under the
Marathon Group Dividend Reinvestment and Direct Stock Purchase Plan will be
suspended for first-time, non-employee purchasers.
For more information on USX Corporation and Marathon Group visit our websites
at www.usx.com and www.marathon.com.
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