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International Business Times
International Business Times
Science
John BIERS

ConocoPhillips To Buy Marathon For $22.5 Bn In Latest Big Oil Deal

ConocoPhillips Marathon Oil Marathon Oil ExxonMobil United States Chevron Hess Petroleum Ryan Lance
ConocoPhillips CEO Ryan Lance said the takeover of Marathon Oil would boost profitability by adding 'high-quality' low-cost assets (Credit: AFP)

US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change.

The all-stock transaction combines two familiar Houston-based oil players, expanding the larger ConocoPhillips' US holdings and potentially providing massive cost savings.

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