ConocoPhillips Acquires Marathon Oil in $17B All-Stock Deal

ConocoPhillips has agreed to acquire Marathon Oil for $22.5 billion in an all-stock deal, marking the latest major consolidation in the U.S. energy sector. The acquisition, expected to close in Q4 2024, will add over 2 billion barrels of reserves to ConocoPhillips' portfolio and is anticipated to generate $500 million in cost savings within the first year. The deal follows other significant mergers in the industry and has raised some antitrust concerns, although the FTC views the impact on the global market as minimal.