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(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.
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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.