ConocoPhillips announced plans to acquire Marathon Oil Corporation through an all-stock transaction valued at $22.5 billion, including $5.4 billion in net debt.
ConocoPhillips ConocoPhillips announced plans to acquire Marathon Oil Marathon Oil Corporation through an all-stock transaction valued at $22.5 billion, including $5.4 billion in net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, reflecting a 14.7% premium over Marathon’s closing share price on May 28, 2024, and a 16.0% premium to the 10-day volume-weighted average price.
The deal, subject to Marathon Oil shareholder approval, regulatory clearance, and customary closing conditions, is expected to be finalized in Q4 2024.
“This acquisition enhances our portfolio by adding high-quality, low-cost inventory adjacent to our leading U.S. unconventional position,” stated Ryan Lance, ConocoPhillips Chairman and CEO. “We share similar values and operational philosophies, and this move will be immediately beneficial to our earnings, cash flows, and shareholder distributions. Significant synergies are expected.”
Lee Tillman, Marathon Oil Chairman, President, and CEO, expressed pride in Marathon’s achievements and confidence in ConocoPhillips‘ ability to build on their legacy.
