ConocoPhillips Acquires Marathon Oil in $17B All-Stock Deal
TL;DR
ConocoPhillips has agreed to acquire Marathon Oil for $22.5 billion in an all-stock deal, marking the latest major consolidation in the U.S. energy sector. The acquisition, expected to close in Q4 2024, will add over 2 billion barrels of reserves to ConocoPhillips' portfolio and is anticipated to generate $500 million in cost savings within the first year. The deal follows other significant mergers in the industry and has raised some antitrust concerns, although the FTC views the impact on the global market as minimal.
- ConocoPhillips to buy Marathon Oil in $22.5 bln deal in latest energy merger Reuters
- ConocoPhillips to Acquire Marathon Oil in $17.1 Billion All-Stock Deal The Wall Street Journal
- Why a ConocoPhillips-Marathon Oil merger may be the last among the majors MarketWatch
- ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets CNBC
- Why ConocoPhillips' $17B Marathon Oil deal is 'a surprise' Yahoo Finance
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