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ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.
The deal is valued at $22.5 billion when including $5.4 billion in debt.
Crude prices have jumped more than 12 percent this year and the cost for a barrel rose above $80 this week. 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.
