ConocoPhillips has announced it will acquire Marathon Oil Corp. in an all-stock transaction with an enterprise value of $22.5 billion, including $5.4 billion of net debt.
Under the terms of the agreement, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, representing a 14.7 percent premium to the closing share price of Marathon Oil on May 28, and a 16 percent premium to the prior 10-day volume-weighted average price.
“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 Ryan Lance, chairman and CEO of ConocoPhillips. “Importantly, we share similar values and cultures with a focus on operating safely and responsibly to create long-term value for our shareholders.”
This acquisition is immediately accretive to ConocoPhill
