
The U.S. Federal Trade Commission is requesting more information and documentation regarding ConocoPhillips’ $17.1 billion acquisition of Marathon Oil, the companies said in a July 12 filing. (Source: Shutterstock.com)
ConocoPhillips and Marathon Oil received a request from the U.S. Federal Trade Commission (FTC) for additional information about the proposed merger between the two oil producers.
The companies each received a “second request” on July 11 from the FTC, which seeks more information and documentary materials in reviewing the combination.
Houston-based ConocoPhillips announced plans in late May to acquire Houston-based Marathon Oil Corp. for approximately $17.1 billion—or $22.5 billion including $5.4 billion of net debt.
ConocoPhillips and Marathon say they “continue to work constructively with the FTC in its review of the merger and continue to expect that the merger will be completed in the fourth quarter of 2024,” according to a July 12 filing with the U.S. Securities & Exchange Commission (SEC).
ConocoPhillips and Marathon join a growing number of E&Ps that reached M&A agreements, only to see them prolonged by additional requests and review by the FTC.
In April, the FTC sent a second request for info regarding Diamondback Energy’s $26 billion acquisition of Endeavor Energy Resources.
The same month, Chesapeake Energy’s $7.4 billion merger with Southwestern Energy was also delayed by such a request.
The FTC sent second requests to Exxon Mobil and Chevron regarding their respective acquisitions of Pioneer Natural Resources and Hess Corp. Exxon closed the $60 billion Pioneer acquisition in May.
The FTC is reportedly delaying its decision on Chevron’s $53 billion acquisition of Hess until after an arbitration case with Exxon Mobil is settled, according to media reports. The dispute stems from Hess’ ownership interest in oil-rich blocks offshore Guyana, operated by Exxon.
Recommended Reading
Oil Loading Slows at Venezuela's Ports Amid US Tariffs, License Termination, Data Shows
2025-03-25 - Loading of Venezuela's heavy crude at its main oil ports slowed this week after the Trump administration imposed a 25% tariff on trade with countries buying the South American nation's oil.
Analysts: How Trump's Tariffs Might Affect Commodity, Energy Sectors
2025-02-03 - Trump's move has sparked volatility in the commodities market. Oil prices rose, with WTI up 2.4% at $74.27 a barrel and Brent crude futures adding 1% to $76.40 a barrel.
Exxon Aims to Boost Guyana Gas Production, Explore Export Options
2025-02-21 - Production capacity in Guyana is expected to surpass 1.7 MMbbl/d, with gross production growing to 1.3 MMbbl/d by 2030.
What's Affecting Oil Prices This Week? (Feb. 18, 2025)
2025-02-18 - The price of Brent crude oil did reach $77 on Feb. 18 before falling back with news that members of the Trump Administration were holding talks with their Russian counterparts.
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.