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ConocoPhillips Negotiating Purchase of Marathon Oil

May 29, 2024 1 min read

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ConocoPhillips is reportedly in advanced discussions to acquire Marathon Oil Corp. in an all-stock deal that could value Marathon at over $15 billion. The Financial Times has indicated that while the deal appears imminent, there is a possibility of negotiations collapsing or a rival bidder intervening. This potential acquisition is part of a broader trend of consolidation in the U.S. oil industry, which has seen a significant increase in mergers and acquisitions.

The oil and gas sector has experienced a wave of deal-making activity, amounting to approximately $250 billion in 2023 alone. This surge has also attracted heightened antitrust scrutiny. Earlier this month, U.S. regulators approved Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources but prohibited Pioneer's former CEO from joining Exxon's board due to allegations of attempting to collude with OPEC to manipulate oil prices. ConocoPhillips' potential purchase of Marathon Oil continues this pattern of significant transactions within the industry.

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