Ewart Shadoff, Hall and Korda in Chevron contention
Friday, 19 April 2024 English pair Jodie Ewart Shadoff and Georgia Hall enjoy strong starts a the Chevron Championship in Texas as American Lauren Coughlin leads.
ConocoPhillips , to Buy Marathon Oil.
ConocoPhillips , to Buy Marathon Oil.
On May 29, ConocoPhillips agreed to
acquire Marathon Oil in an all-stock deal valued at $17 billion, CNBC reports.
The agreement will provide ConocoPhillips with
an additional 2 billion barrels of U.S. inventory.
This acquisition of Marathon Oil further
deepens our portfolio and fits within our
financial framework, adding high-quality,
low cost of supply inventory adjacent to our
leading U.S. unconventional position. , ConocoPhillips CEO Ryan Lance, via statement.
ConocoPhillips' market cap will
exceed $150 billion due to the deal.
As an independent producer, ConocoPhillips will now be on the same scale as some big-time players, CNBC reports.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
While the deal is likely to face FTC scrutiny, the fact that Marathon's assets encompass multiple basins supports regulatory approval, Dittmar said. .
Once the deal is complete,
ConocoPhillips anticipates share buybacks worth $7 billion within the first year.
After three years, that number is
expected to grow to $20 billion.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year
Credit: Wibbitz Top Stories Duration: 01:31Published
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Credit: The Hollywood Reporter Duration: 02:00Published
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