ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal

FILE - This Feb. 9, 2016, file photo shows an ice-covered ConocoPhillips sign at the Colville-Delta 5, or as it's more commonly known, CD5, drilling site on Alaska's North Slope. ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. The deal announced Wednesday, May 29, 2024, is valued at $22.5 billion when including $5.4 billion in debt. ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.

All of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech. ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.

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