Reported 4 months ago
ConocoPhillips is acquiring Marathon Oil in a $17.1 billion all-stock deal amidst rising energy prices, bringing the total deal value to $22.5 billion including debt. This acquisition comes as major oil companies are seeing significant profits due to the surge in energy prices, with a trend of mergers between cash-rich energy companies. The deal is expected to close in the fourth quarter pending approval from Marathon Oil shareholders, and ConocoPhillips plans to increase its dividend and engage in a significant share buyback program once the transaction is completed.
Source: YAHOO