ConocoPhillips to Buy Marathon Oil

Video Credit: Wibbitz Top Stories
Published on May 29, 2024 - Duration: 01:31s

ConocoPhillips to Buy Marathon Oil

ConocoPhillips , to Buy Marathon Oil.

ConocoPhillips , to Buy Marathon Oil.

On May 29, ConocoPhillips agreed to acquire Marathon Oil in an all-stock deal valued at $17 billion, CNBC reports.

The agreement will provide ConocoPhillips with an additional 2 billion barrels of U.S. inventory.

This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position.

, ConocoPhillips CEO Ryan Lance, via statement.

ConocoPhillips' market cap will exceed $150 billion due to the deal.

As an independent producer, ConocoPhillips will now be on the same scale as some big-time players, CNBC reports.

For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.

For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.

While the deal is likely to face FTC scrutiny, the fact that Marathon's assets encompass multiple basins supports regulatory approval, Dittmar said.

.

Once the deal is complete, ConocoPhillips anticipates share buybacks worth $7 billion within the first year.

After three years, that number is expected to grow to $20 billion.

ConocoPhillips' larger rivals, Exxon Mobil and Chevron, announced blockbuster deals as well last year.

ConocoPhillips' larger rivals, Exxon Mobil and Chevron, announced blockbuster deals as well last year


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๐Ÿ’ก newsR Knowledge: Other News Mentions

ConocoPhillips

American multinational energy company

Marathon Oil

American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Ryan Lance

American businessman

ExxonMobil

American multinational oil and gas company


Chevron Corporation

American multinational energy corporation

Marathon

Long-distance running event of 42.195 kilometres

Federal Trade Commission

United States government agency

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