Current:Home > MarketsConocoPhillips buys Marathon Oil for $17.1 billion as energy giants scale up -×
ConocoPhillips buys Marathon Oil for $17.1 billion as energy giants scale up
View
Date:2025-04-12 13:01:56
ConocoPhillips is buying Marathon Oil for $17.1 billion, continuing a pattern of consolidation in the energy industry since the pandemic ended.
The all-stock deal is valued at $22.5 billion when including $5.4 billion in debt.
"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 said in a statement.
The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year. It plans to repurchase more than $20 billion in shares in the first three years.
Energy companies spent $234 billion in merging with or buying competitors in 2023, the highest figure in more than a decade, according to the U.S. Energy Information Administration.
In another recent deal, federal regulators earlier this month approved Exxon Mobil's roughly $60 billion purchase of Pioneer Natural Resources.
Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.
veryGood! (6)
Related
- Small twin
- Ex-NYPD sergeant convicted of acting as Chinese agent
- For Some California Farmers, a Virus-Driven Drop in Emissions Could Set Back Their Climate Efforts
- The History of Ancient Hurricanes Is Written in Sand and Mud
- Intellectuals vs. The Internet
- What’s Driving Antarctica’s Meltdown?
- Major psychologists' group warns of social media's potential harm to kids
- Some people get sick from VR. Why?
- Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
- New York prosecutors subpoena Trump deposition in E. Jean Carroll case
Ranking
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- Here's What Kate Middleton Said When Asked to Break Royal Rule About Autographs
- Moose attacks man walking dogs in Colorado: She was doing her job as a mom
- RHONJ: How Joe Gorga Drama Brought Teresa Giudice's Daughter to Tears During Her Wedding
- Could your smelly farts help science?
- Let's go party ... in space? First Barbie dolls to fly in space debut at Smithsonian museum
- Ariana Madix Shares Surprising Take on Vanderpump Rules' Scandoval Reunion Drama
- New York prosecutors subpoena Trump deposition in E. Jean Carroll case
Recommendation
Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
What’s Driving Antarctica’s Meltdown?
Blake Shelton Gets in One Last Dig at Adam Levine Before Exiting The Voice
This Oil Control Mist Is a Must for Anyone Who Hates Sweaty and Shiny Skin
Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
The Truth About Tom Sandoval and Influencer Karlee Hale's Relationship
A decoder that uses brain scans to know what you mean — mostly
Schools ended universal free lunch. Now meal debt is soaring