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. The deal announced Wednesday is valued at $22.5 billion when including $5.4 billion in debt. Marathon Oil shareholders will receive 0.
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. FILE - This Feb. 9, 2016, file photo shows an ice-covered ConocoPhillips sign at the Colville-Delta 5, or as it’s more commonly known, CD5, drilling site on Alaska’s North Slope.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.
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