The mammoth $16 billion acquisition of Marathon Oil by Conoco Phillips is expected to close in 4Q24 pending Federal Trade Commission review. The deal itself is worth $22.5 billion and includes the assumption of $5.4 billion of debt.
The deal would increase the market value of ConocoPhillips to over $150 billion, consolidating its position as the world’s largest independent hydrocarbon producer.
ConocoPhillips shareholders approved the acquisition this Thursday.
“ConocoPhillips is the right home for Marathon Oil, offering a unique combination of added scale, enhances resilience and long-term durability,” said Marathon Oil CEO Ryan Lance, when the deal was first announced in May.
Marathon is an independent oil producer with a presence in Texas, North Dakota, New Mexico and Equatorial new Guinea.
By Staff
