ConocoPhillips to Acquire Marathon Oil in $17 Billion All-Stock Deal Making It the 3rd Largest US Oil Company from 17 30 Watch Video
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⏲ Duration: 0:42 👁 View: 335K times ✓ Published: 30-May-2024
Description: ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal worth $17 billion. The acquisition will add 2 billion barrels of oil and gas resources to ConocoPhillips' portfolio across shale fields in Texas, New Mexico, and North Dakota. ConocoPhillips expects $500 million in annual cost savings from the deal through reduced administrative and operating expenses. The company plans $7 billion in share buybacks in the first year and $20 billion within three years post-deal. The transaction makes ConocoPhillips the third-largest US oil company by market cap of more than $130 billion.