Conoco Phillips to acquire Marathon Oil in $22.5 billion deal

Chamber of Shipping > Blog > News > US > Conoco Phillips to acquire Marathon Oil in $22.5 billion deal

ConocoPhillips, a major US oil and gas producer, has agreed to buy Marathon Oil for $22.5 billion in an all-stock deal. This acquisition is part of the industry’s trend towards consolidation to boost reserves and achieve economies of scale. The deal, expected to close in late 2024, will add over 2 billion barrels of reserves to ConocoPhillips’ portfolio and generate $500 million in cost savings. Despite potential antitrust scrutiny, ConocoPhillips plans to dispose of $2 billion in assets and increase share buybacks, signalling its commitment to maximizing shareholder value.

Related Posts