Thitikul holds narrow lead over Korda at Chevron

ConocoPhillips to Buy Marathon Oil

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