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ConocoPhillips buys Marathon Oil for $17.1 billion as energy giants scale up

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ConocoPhillips is acquiring Marathon Oil in a blockbuster deal amid ongoing consolidation in the energy industry.

ConocoPhillips is buying Marathon Oil for $17.1 billion, continuing a pattern of consolidation in the energy industry since the pandemic ended.The all-stock deal is valued at $22.5 billion when including $5.4 billion in debt.'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. unconventional position,' ConocoPhillips CEO Ryan Lance said in a statement.

Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year. It plans to repurchase more than $20 billion in shares in the first three years.

 

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