Reported 4 months ago
ConocoPhillips has announced a $22.5 billion deal to acquire Marathon Oil, continuing a trend of consolidation in the energy sector. This deal follows other recent mergers like ExxonMobil's acquisition of Pioneer Natural Resources and Chevron's buyout of Hess. The consolidation is driven by companies seeking to capitalize on opportunities after years of underinvestment. The ConocoPhillips-Marathon deal focuses on cost optimization, with expected efficiencies of $500 million within the first year. The agreement is not expected to face antitrust issues, and it would allow ConocoPhillips to diversify its domestic assets.
Source: YAHOO