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$134 Billion ConocoPhillips to Buy Marathon Oil Corporation for $22.5 Billion in All-Share Deal Representing 14.7% Premium to Closing Share Price on 28th May 2024

29th May 2024 | Hong Kong

ConocoPhillips (29/5/24: $134 billion market value) has announced to buy Marathon Oil Corporation for $22.5 billion in an all-share deal representing a 14.7% premium to closing share price on 28th May 2024.  ConocoPhillips (29/5/24): “ConocoPhillips (NYSE: COP) and Marathon Oil Corporation (NYSE: MRO) announced today that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. Under the terms of the agreement, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, representing a 14.7% premium to the closing share price of Marathon Oil on May 28, 2024, and a 16.0% premium to the prior 10-day volume-weighted average price … … The transaction is subject to the approval of Marathon Oil stockholders, regulatory clearance and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2024.”

“ $134 Billion ConocoPhillips to Buy Marathon Oil Corporation for $22.5 Billion in All-Share Deal Representing 14.7% Premium to Closing Share Price on 28th May 2024 “

 



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Advisors – Evercore is serving as ConocoPhillips’ financial advisor and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor for the transaction. Morgan Stanley & Co. LLC is serving as Marathon Oil’s financial advisor and Kirkland & Ellis LLP is serving as Marathon Oil’s legal advisor for the transaction.

ConocoPhillips – ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets, and approximately 10,000 employees at March 31, 2024. Production averaged 1,902 MBOED for the three months ended March 31, 2024, and proved reserves were 6.8 BBOE as of Dec. 31, 2023.

Marathon Oil – Marathon Oil (NYSE: MRO) is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the U.S. – Eagle Ford, Texas; Bakken, North Dakota; Permian in New Mexico and Texas, and STACK and SCOOP in Oklahoma, complemented by a world-class integrated gas business in Equatorial Guinea. The Company’s Framework for Success is founded in a strong balance sheet, ESG excellence and the competitive advantages of a high-quality multi-basin portfolio.

 

 

$134 Billion ConocoPhillips to Buy Marathon Oil Corporation for $22.5 Billion in All-Share Deal Representing 14.7% Premium to Closing Share Price on 28th May 2024

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