Reported 4 months ago
Shares of Marathon Oil surged 10.4% following the announcement of a merger agreement with ConocoPhillips, where Marathon will be acquired for $22.5 billion in an all-stock deal, offering a 16% premium to Marathon shareholders. This consolidation comes as part of a trend in the oil and gas industry, with the deal expected to bring about $500 million in cost synergies and position the combined company with significant resources for optimizing operations and navigating the energy transition.
Source: YAHOO