Energy
ConocoPhillips to Acquire Marathon Oil in $17 Billion Deal
- Deal gives ConocoPhillips shale assets in Texas, North Dakota
- Company plans $20 billion-plus stock buyback, dividend boost
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ConocoPhillips agreed to acquire Marathon Oil Corp. in an all-stock deal valuing the company at about $17 billion, extending a major buying spree among the largest players in the US oil and gas industry.
The move expands ConocoPhillips’ footprint in domestic shale fields from Texas to North Dakota and hands the company reserves as far afield as Equatorial Guinea. It adds to a wave of recent megadeals as producers seek new drilling sites on a bet that oil and gas demand will remain robust for years to come.