ConocoPhillips to buy Marathon Oil in $17.1 billion all-stock deal that bolsters shale assets

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ConocoPhillips to buy Marathon Oil in $17.1 billion all-stock deal that bolsters shale assets


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.

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