(Bloomberg) — ConocoPhillips agreed to acquire Marathon Oil Corp. in an all-stock deal valuing the company at about $17 billion, extending a major buying spree among the largest players in the US oil and gas industry.
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The move expands ConocoPhillips’ footprint in domestic shale fields from Texas to North Dakota and hands the company reserves as far afield as Equatorial Guinea. It adds to a wave of recent megadeals as producers seek new drilling sites on a bet that oil and gas demand will remain robust for years to come.
The takeover agreement represents a 14.7% premium to the last closing share price for Marathon, the companies said in a statement Wednesday. The deal has an enterprise value of $22.5 billion.
ConocoPhillips joins the ranks of major drillers pursuing production growth via recent acquisitions. In October, Exxon Mobil Corp. accelerated the pace of Permian Basin consolidation with a $62 billion deal for Pioneer Natural Resources Co. That was…
2024-05-29 06:25:09
Source from finance.yahoo.com
