ConocoPhillips buys Marathon Oil in mega $22.5 billion deal
- Updated Thursday May 30 2024
ConocoPhillips buys Marathon Oil in mega $22.5 billion deal
The energy mergers roll on as ConocoPhillips has made an offer to buy Marathon Oil for a mega $22.5 billion in an all stock deal that will offer Marathon Oil shareholders a premium of 14.7% to the share price at close of trading on May 28, 2024.
Under the terms of the deal, which we understand has been approved by the board of directors of Marathon oil, Marathon shareholders will get 0.255 shares of ConocoPhillips for every 1 share held in Marathon Oil.
The deal is expected to extend the reach of ConocoPhillips across the shale fields in Texas, New Mexico and North Dakota – adding a booked oil resource of 2 billion barrels. The acquisition will make ConocoPhillips one of the largest asset holders in the Bakken fields of North Dakota and in Eagle Ford, Texas. The company will also add about 2 million MT of natural gas in foreign resources. The market capitalization of ConocoPhillips is expected to be above $150 billion post the acquisition. However the acquisition is expected to face close scrutiny from the Federal Trade Comission.
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