ConocoPhillips is buying Marathon Oil in an all-stock deal valued at $17.1 billion as energy prices rise and big oil companies reap massive profits. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.
Permian deals push oil and gas mergers and acquisitions to record start in 2024, but slowdown ahead Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds. The company warned the buyout may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana where Hess is a big player.
With its San Antonio future in question, a look at NuStar's past — and city's history of losing HQs ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S.
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