As crude prices have jumped more than 12% this year, there has been a surge in mergers between energy companies flush with cash.
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at $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.
Permian deals push oil and gas mergers and acquisitions to record start in 2024, but slowdown ahead 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.
With its San Antonio future in question, a look at NuStar's past — and city's history of losing HQs ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio. “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.
Marathon Oil Pioneer Natural Resources Denbury Resources Federal Trade Commission Chevron Exxon Mobil Permian Hess Ryan Lance Biden U.S. Houston Guyana Russia Ukraine South American Chinese
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assetsThe acquisition will add 2 billion barrels of resources to ConocoPhillips’ portfolio, extending its reach in shale fields in Texas, New Mexico and North…
Read more »
ConocoPhillips to buy Marathon Oil in $17 billion dealIt's the latest domino to fall in the rapid consolidation of large U.S.-based players.
Read more »
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices riseConocoPhillips 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.
Read more »
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debtConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. The deal is valued at $22.5 billion when including $5.4
Read more »
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debtConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion.
Read more »
ConocoPhillips to acquire Marathon Oil for $17.1 billion all-stock dealCrude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.
Read more »