Conoco's all-stock offer equates to $30.33 per Marathon share, a premium of nearly 15% as of the stock's Tuesday close. The transaction includes $5.4 billion of Marathon's debt and is expected to close in the fourth quarter of 2024.
The acquisition is projected to bring cost savings of $500 million within the first full year after closing and add over 2 billion barrels of reserves to ConocoPhillips' portfolio. Marathon Oil's operations in key basins make it an attractive target for producers.
ConocoPhillips CEO Ryan Lance highlighted that the acquisition of Marathon Oil deepens their portfolio, fitting into their financial framework by adding high-quality, low-cost supply inventory adjacent to their leading U.S. unconventional position.
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