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ConocoPhillips to acquire Marathon Oil for $17 billion in blockbuster deal


Two major American exploration and production companies will combine forces as ConocoPhillips plans to acquire Marathon Oil.

On Wednesday, May 29, Houston, Texas-headquartered ConocoPhillips announced plans for the all-stock acquisition of Marathon Oil for $22.5 billion, to include $5.4 billion of net debt, putting the value of the deal at approximately $17.1 billion.

Company officials say that the acquisition will add over 2 billion barrels of resource to ConocoPhillips’ U.S. inventory.

The acquisition is expected to close in the fourth quarter of 2024.

Marathon operates oil fields in Eagle Ford, Texas; Bakken, North Dakota; Permian in New Mexico and Texas, and STACK and SCOOP in Oklahoma.

“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,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “Importantly, we share similar values and cultures with a focus on operating safely and responsibly to create long-term value for our shareholders. The transaction is immediately accretive to earnings, cash flows and distributions per share, and we see significant synergy potential.”

“This is a proud moment to look back on what we achieved at Marathon Oil. Powered by our dedicated employees and contractors, we built a top performing portfolio with a multi-year track record of peer-leading operational execution, strong financial results and compelling return of capital to our shareholders – all while holding true to our core values of safety and environmental excellence. ConocoPhillips is the right home to build on that legacy, offering a truly unique combination of added scale, resilience and long-term durability. With its premier global asset base, strong balance sheet and laser focus on operational excellence, ConocoPhillips’ track record of long-term investments, differentiated shareholder distributions and active portfolio management are unmatched. When combined with the global ConocoPhillips portfolio, I’m confident our assets and people will deliver significant shareholder value over the long term,” said Lee Tillman, Marathon Oil chairman, president and chief executive officer.


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