ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices soar and big oil companies reap massive profits.
This is a Marathon gas station in Bradenton, Fla., Feb. 7, 2024. ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. The deal announced Wednesday, May 29, 2024, is valued at $22.5 billion when including $5.4 billion in debt. – Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio. The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
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