Big Oil keeps doing big deals.
ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. The merger of the Houston-based rivals follows ExxonMobil’s $60 billion purchase of Pioneer and Chevron’s agreed takeover of Hess for $53 billion.
Oil giants are flush with cash and printing bumper profits following years of elevated prices. They’re using those windfalls to snap up assets in the Permian basin — the oil field that has helped make the US the world’s top producer of oil and gas — and boost returns for shareholders even as pressure builds for them to invest more in renewable energy.
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