(Reuters) -ConocoPhillips is in advanced talks to buy Marathon Oil (NYSE:) in an all-stock deal that could value the Houston-based company at a little over its $15 billion market value, the Financial Times reported on Wednesday citing people briefed on the matter.
Although a deal seemed to be imminent late on Tuesday night, there was still a risk of negotiations falling apart or that a rival bidder would gatecrash Conoco’s takeover plan, the report added.
Marathon Oil and ConocoPhillips (NYSE:) did not immediately respond to Reuters requests for comments.
The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the consolidation wave has continued into 2024.
Earlier this month, U.S. regulators gave the go-ahead to Exxon Mobil (NYSE:)’s $60 billion purchase of Pioneer Natural Resources (NYSE:), but barred Pioneer’s former CEO from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.
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