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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.
Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. ... The merger of the Houston ...
ConocoPhillips (NYSE: COP) made a splash on May 29 when it announced an all-stock acquisition of Marathon Oil (NYSE: MRO).The purchase price represents a 14.7% premium to the closing price of ...
In 2011, Marathon completed the corporate spin-off of Marathon Petroleum, distributing a 100% interest to its shareholders. [18] In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for $1.52 billion. [19] In September 2013, Marathon sold a 10% stake in an oil and gas field offshore Angola for $590 million to Sonangol Group. [20]
ConocoPhillips Chairman-CEO Ryan Lance said the merger "further deepens our portfolio and fits within our financial framework, adding the high-quality, low-cost of supply inventory adjacent to our ...
Debuting as one of the largest IPOs in history, Conoco merged with the Phillips Petroleum Company to form ConocoPhillips in the early 2000s. [28] [29] Similar to Marathon's business strategy, ConocoPhillips would later divest its downstream assets into a new company titled Phillips 66, which currently controls the original Conoco brand name. [30]
In June 2011, ConocoPhillips China Inc., a wholly owned subsidiary of ConocoPhillips, was responsible for the 2011 Bohai bay oil spills in Bohai Bay. [ 81 ] In 2015, ConocoPhillips and Phillips 66 agreed to pay $11.5 million to settle a lawsuit alleging that hundreds of their gas stations violated California anti-pollution laws since 2006.
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 ...
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