ConocoPhillips is buying Marathon Oil for $17.1 billion in all-stock deal as profits soar on high energy prices
ConocoPhillips said Wednesday the transaction will add highly desired acreage to its existing U.S. onshore portfolio.
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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 world's 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