ConocoPhillips Chairman & CEO Ryan Lance speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
Mark Felix | AFP | Getty Images
ConocoPhillips on Wednesday agreed to purchase Marathon Oil in an all-stock transaction worth $17.1 billion that would strengthen the company’s shale assets.
“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,” said ConocoPhillips CEO Ryan Lance in a statement.
The deal, which is expected to close in the fourth quarter, would immediately grow Conoco’s earnings, cash flow and shareholder returns, Lance said.
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