Page 9 - Ryan Lance News Today

(From Marathon Oil and ConocoPhillips) ConocoPhillips (NYSE: COP) and Marathon Oil Corporation (NYSE: MRO) announced today that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. Under the terms of the

HOUSTON (Reuters) -Top U.S. independent oil and gas producer ConocoPhillips on Wednesday agreed to buy Marathon Oil for $22.5 billion, the latest in a series of mega-deals in the energy industry. The U.S. oil and gas industry has been riding a consolidation wave over the last two years as companies look to bolster reserves and create economies of scale. The momentum has carried over into this year as the stock market continues to boom and as U.S. shale oil production scales new records.

The all-stock deal comes as energy prices soar.

ConocoPhillips will buy Marathon Oil in an all-stock deal valued at $22.5 billion including debt, sending Marathon shares sharply higher.

Crude prices have jumped more than 12% this year, and the cost for a barrel rose above $80 this week.

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

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% this year and the cost

If ConocoPhillips bid for Marathon Oil goes through, it will bring together two of the worlds largest exploration and production companies.

ConocoPhillips and Marathon Oil Corp. have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction.

A mega-merger of two major oil companies was announced Tuesday, as