Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries ConocoPhillips to buy Marathon Oil in $22.5B deal By: FOX Business May 29, 2024 at 07:42 AM EDT Under the agreement, ConocoPhillips will receive additional acreage to its existing U.S. onshore portfolio, adding over 2 billion barrels of resource. ConocoPhillips announced on Wednesday that it will buy Marathon Oil in an all-stock deal valued at $22.5 billion, including debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips for each share of Marathon Oil common stock. Under the agreement, ConocoPhillips will receive additional acreage to its existing U.S. onshore portfolio, adding over 2 billion barrels of resource."This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position," ConocoPhillips CEO Ryan Lance said.The deal is expected to close in the fourth quarter.This is a developing story. Check back for updates. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
ConocoPhillips to buy Marathon Oil in $22.5B deal By: FOX Business May 29, 2024 at 07:42 AM EDT Under the agreement, ConocoPhillips will receive additional acreage to its existing U.S. onshore portfolio, adding over 2 billion barrels of resource. ConocoPhillips announced on Wednesday that it will buy Marathon Oil in an all-stock deal valued at $22.5 billion, including debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips for each share of Marathon Oil common stock. Under the agreement, ConocoPhillips will receive additional acreage to its existing U.S. onshore portfolio, adding over 2 billion barrels of resource."This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position," ConocoPhillips CEO Ryan Lance said.The deal is expected to close in the fourth quarter.This is a developing story. Check back for updates.