ConocoPhillips buys Marathon Oil for $17.1bn, joining other oil giants in large acquisitions. Environmental concerns raised over exacerbating the climate crisis by empowering big oil firms to expand.
ConocoPhillips CEO cites benefits of the deal, emphasizing shared values with Marathon Oil and focus on safety/responsible operations. Marathon Oil CEO highlights staying true to core values.
The $22.5bn acquisition amid rising oil prices adds to ConocoPhillips' supply inventory. Approval needed from Marathon Oil stockholders for expected fourth-quarter closing.
Oil industry sees a trend of major acquisitions like ExxonMobil's $59.5bn with Pioneer Natural Resources and Chevron's $53bn deal with Hess Corporation, reflecting confidence in oil market.
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