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Oil prices bounced around quite a bit in 2024. They rallied more than 20% at one point -- topping $85 per barrel -- before cooling off toward the end of the year.
The purchase price represents a 14.7% premium to the closing price of Marathon on May 28, giving the company an enterprise value (market cap plus debt) of $22.5 billion.
It expects to ramp its annual repurchase rate from $5 billion to $7 billion in 2025, putting it on track to retire all the equity it issued to acquire Marathon Oil over the next two to three years.
Marathon shareholders will receive 0.255 shares of ConocoPhillips per Marathon share, amounting to a 16% premium, given the two companies' share prices before the announcement.
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. As part of the transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips ...
Marathon Oil (NYSE:MRO) is one of the many oil and gas producers pushed to the limit due to the novel coronavirus. MRO stock has shed 56% of its value since December 2019, whereas the SPDR Energy ...
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ConocoPhillips's plans to acquire independent oil and gas producer Marathon Oil in an all-stock deal for $22.5 billion including debt continues a recent string of deals in the energy space.
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related to: marathon oil price predictions next 3 months mike adams