ConocoPhillips to buy Marathon Oil for $22.5 bln in latest energy merger

Reuters - 29/05
ConocoPhillips on Wednesday agreed to buy Marathon Oil in a $22.5 billion all-stock deal, the latest in a series of mega-deals in the oil and gas industry as companies look to bolster reserves.
  • Company
    Chesapeake Energy Corp
    Follow
  • Company
    Chevron Corp
    Follow
  • Company
    Conocophillips
    Follow
Show more companies
Chevron
May 29 (Reuters) - ConocoPhillips (COP.N)New Tab, opens new tab on Wednesday agreed to buy Marathon Oil (MRO.N)New Tab, opens new tab in a $22.5 billion all-stock deal, the latest in a series of mega-deals in the oil and gas industry as companies look to bolster reserves.
The U.S. oil and gas industry has been riding a consolidation wave over the last two years. Last year was one of the most active, where M&A deals worth $250 billion were struck by companies. The momentum has carried over into this year as the stock market continues to boom and as U.S. oil production scales new records.
The deal follows the announced purchase by U.S. majors Exxon Mobil of Pioneer Natural Resources in October, and Chevron's proposed $53 billion merger with Hess that was approved by the latter's shareholders on Tuesday.
Marathon Oil has operations in the Bakken basin in North Dakota, Permian basin in Nor...
[Short citation of 8% of the original article]