Reported 4 months ago
ConocoPhillips has agreed to buy Marathon Oil for $22.5 billion in an all-stock deal that includes $5.4 billion of Marathon's debt. This acquisition, expected to close in the fourth quarter of 2024, follows a trend of consolidation within the U.S. oil and gas industry aiming to enhance reserves and efficiency. ConocoPhillips anticipates cost savings of $500 million within the first year post-acquisition and plans to sell nearly $2 billion worth of assets while increasing share buybacks. The deal comes amidst increasing antitrust scrutiny in the energy sector.
Source: YAHOO