Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.
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. in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. Oil majors put up record profits after Russia's invasion of Ukraine in 2022 and while those numbers have slipped, there has been a surge in mergers between energy companies flush with cash.
All of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech., which enforces federal antitrust law, asked for additional information from Exxon and Pioneer about their proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January.
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 Chairman and CEO Ryan Lance said in a prepared statement.
Marathon Oil Acquisition All-Stock Deal Energy Companies Oil Prices Mergers Shareholders
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