"This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework," said Ryan Lance, ConocoPhillips’ chairman and CEO.
ConocoPhillips Co. has completed its acquisition of Marathon Oil Corp. for approximately $17.1 billion—$22.5 billion including $5.4 billion of net debt, the Houston-based E&P announced Nov. 22.
The deal, which was announced in May, adds complementary acreage to ConocoPhillips’ Lower 48 portfolio with more than 2 Bbbl of resource. It includes an estimated average point forward cost of supply of less than $30/bbl West Texas Intermediate.
"This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework," said Ryan Lance, ConocoPhillips’ chairman and CEO.
Lance said he expects the deal to deliver synergies of over $1 billion on a run rate basis in the next 12 months.
As part of the merger agreement, each share of Marathon Oil common stock was converted into the right to receive 0.255 share of ConocoPhillips common stock at the effective time of the merger, ConocoPhillips said. Marathon’s trading price closed at $28.55 on Nov. 21.
RELATED
The $22.5B Deal: How ConocoPhillips Won Marathon Oil in 33 Days
Recommended Reading
China’s Stimulus Could Reignite Fuel Demand Long-term
2024-09-25 - In China’s biggest stimulus package since the COVID-19 pandemic, the government is attempting to reverse the country’s recent deflationary trend and boost fuel demand.
What's Affecting Oil Prices This Week? (Oct. 14, 2024)
2024-10-14 - Similar to last week, Stratas Advisors forecast that oil prices will be relatively flat with a downward bias unless there is another military strike of note.
Hotter Temps Drive Japanese Demand for Spot LNG from US
2024-09-11 - Above-average temperatures are forecast for most regions of Japan through early October, compelling the country to seek prompt LNG, potentially from the U.S., to cover extended summer-related electricity demand.
Kissler: Wildcards That Could Impact Oil, Gas Prices in 2025
2024-11-26 - Geopolitics and weather top the list of trends that will determine the direction of oil and gas.
Saudi Signals Willingness to Weaken Oil Prices, Defend Market Share
2024-09-26 - Analysts caution that reports of Saudi Arabia abandoning a philosophy of supporting prices in favor of defending market share could be a move to get OPEC+ members in line rather than to launch a costly oil war with the U.S., among others.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.