Published on 30 May 2024 on Zacks via Yahoo Finance
Marathon Oil (MRO) Stocks Up 8.4% on Buyout Deal by Conoco
In a major energy sector development, ConocoPhillips COP has struck an all-stock deal to buy rival Marathon Oil Corporation MRO for $22.5 billion, including debt. This would consolidate Conoco’s position in America’s shale fields.
Over the past year, there have been multiple deals where large energy sector companies have been buying out whatever remains of the once vast shale resources. Companies like Exxon Mobil Corporation XOM and Chevron Corporation CVX kickstarted these acquisitions, and others followed suit. Exxon Mobil acquired Pioneer Natural Resources in a $60 billion deal, while Chevron’s offer of a $53 billion buyout of Hess has recently been approved.