ConocoPhillips (COP) to Buy Marathon Oil in a $22.5B Transaction

Published on 30 May 2024 on Zacks via Yahoo Finance

ConocoPhillips (COP) to Buy Marathon Oil in a $22.5B Transaction

ConocoPhillips (COP), the U.S. oil giant, has announced a definitive agreement to acquire Marathon Oil Corporation MRO in an all-stock transaction valued at $22.5 billion, including $5.4 billion of net debt. This strategic move is set to be immediately accretive to ConocoPhillips’ earnings, cash flows and return of capital per share.

Key Details of the Acquisition

Per the terms of the deal, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock. This represents a 14.7% premium to Marathon Oil's closing share price on May 28, 2024.

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ConocoPhillips (COP) to Buy Marathon Oil in a $22.5B Transaction

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