ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets
Publishing timestamp: 2024-05-29 12:22:28
Summary
ConocoPhillips acquires Marathon Oil in a $17 billion all-stock transaction, adding 2 billion barrels of resources to its portfolio. The deal will make ConocoPhillips one of the largest asset holders in the Bakken shale play and Eagle Ford play. The acquisition is part of a wave of consolidation in the oil and gas industry, with ConocoPhillips expecting significant share buybacks and cost savings.
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