ConocoPhillips has announced its acquisition of Marathon Oil in an all-stock deal valued at approximately $17.1 billion, with the total value reaching $22.5 billion when accounting for $5.4 billion in debt. This move comes as energy prices continue to surge, with crude prices rising over 12% this year and surpassing $80 per barrel this week.
Under the terms of the agreement, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock they own. ConocoPhillips highlighted that this acquisition will enhance its existing U.S. onshore portfolio by adding valuable acreage.
