ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices rise

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SUPPORT INDEPENDENT, FACT-BASED JOURNALISM. DONATE Menu AP Logo Show Search Trump hush money trial Israel-Hamas war Ohio gas explosion Texas power outage Pope Francis apology BUSINESS ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices rise BY MICHELLE CHAPMAN Updated 5:40 PM GMT+5, May 29, 2024 Share ConocoPhillips is buying Marathon Oil in an all-stock deal valued at
 approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. Oil majors put up record profits after Russia’s invasion of Ukraine in 2022 and while those numbers have slipped, there has been a surge in mergers between energy companies flush with cash. Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds

. The company warned the buyout may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana where Hess is a big player.

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