Reported 4 months ago
ConocoPhillips has agreed to acquire Marathon Oil Corp. in an all-stock deal worth about $17 billion, including a 14.7% premium to Marathon's last closing share price, with an enterprise value of $22.5 billion. This acquisition expands ConocoPhillips' presence in domestic shale fields and provides access to reserves in Equatorial Guinea, part of a trend of major oil and gas companies pursuing growth through acquisitions to secure future drilling sites and optimize production through technologies like refracking. The deal, expected to close in the fourth quarter pending regulatory approvals, will also see ConocoPhillips increase its share buybacks to over $20 billion for the next three years and raise its ordinary base dividend by 34% to 78 cents per share.
Source: YAHOO