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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

ConocoPhillips will buy fellow US oil and gas producer Marathon Oil in an all-stock deal worth $17.1bn.

ConocoPhillips said the transaction will add highly desired acreage to its existing U.S. onshore portfolio.

The announcement follows Hess shareholders' approval of a takeover by Chevron

ConocoPhillips is buying Findlay-based Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices soar and big oil companies reap massive profits.

ConocoPhillips confirmed on Wednesday that it has agreed to buy Marathon Oil in an all-share deal worth $22bn.

US energy giant ConocoPhillips announced Wednesday that it will acquire competitor Marathon Oil in an all-stock transaction valued at $22.5 billion, including $5.4 billion in debt. The deal, the latest in a series of major acquisitions in the US oil sector, will enable ConocoPhillip ..

Houston-based ConocoPhillips is buying Marathon Oil in an all-stock deal as energy prices rise and big oil companies reap massive profits.

Oil and liquids-weighted Marathon is active in the Bakken, Permian and Eagle Ford basins in the US. [Image: Marathon Oil]

The US oil and gas industry has been riding a consolidation wave over the past two years