ConocoPhillips Announces Takeover Of Marathon Oil For $22.5 Bn

New York, (APP - UrduPoint / Pakistan Point News - 29th May, 2024) US energy giant ConocoPhillips announced Wednesday that it will acquire competitor Marathon Oil in an all-stock transaction valued at $22.5 billion, including $5.4 billion in debt.

The deal, the latest in a series of major acquisitions in the US oil sector, will enable ConocoPhillips to strengthen its position in shale oil and gas-rich regions such as the Bakken Basin in the northern United States and the Permian Basin in the south.

The acquisition "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 chairman and chief executive officer Ryan Lance said in a company statement.

He said the company sees "significant synergy potential" in the merger.

Marathon Oil chief Lee Tillman said it was a "proud moment to look back on what we achieved," and that ConocoPhillips was "the right home to build on that legacy."

The deal, which is expected to close in the fourth quarter of this year, gives Marathon Oil shareholders 0.255 shares of ConocoPhillips common stock for each share of Marathon Oil common stock.