Forbes on Nostr: ConocoPhillips Bolsters U.S. Shale Assets With $22.5 Billion Acquisition Of Marathon ...
ConocoPhillips Bolsters U.S. Shale Assets With $22.5 Billion Acquisition Of Marathon Oil
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ConocoPhillips plans to acquire Marathon Oil through an all-stock transaction valued at $22.5 billion, including $5.4 billion in net debt. The deal is subject to Marathon Oil shareholder approval, regulatory clearance, and customary closing conditions, and is expected to be finalized in Q4 2024. The acquisition will enhance ConocoPhillips' Lower 48 portfolio, adding over 2 billion barrels of resources with a forward cost of supply estimated at less than $30 per barrel WTI. ConocoPhillips projects at least $500 million in annual cost and capital savings within the first year post-closing. Critics of the deal warn that it could further consolidate the oil industry's power and delay the transition to clean energy. The deal may also face antitrust issues and scrutiny from the Federal Trade Commission.
#Conocophillips #MarathonOil #Acquisition #ShaleAssets #OilIndustry #CleanEnergy #Antitrust #FederalTradeCommission
https://www.forbes.com/sites/rrapier/2024/05/29/conocophillips-bolsters-us-shale-assets-with-225-billion-acquisition-of-marathon-oil/
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ConocoPhillips plans to acquire Marathon Oil through an all-stock transaction valued at $22.5 billion, including $5.4 billion in net debt. The deal is subject to Marathon Oil shareholder approval, regulatory clearance, and customary closing conditions, and is expected to be finalized in Q4 2024. The acquisition will enhance ConocoPhillips' Lower 48 portfolio, adding over 2 billion barrels of resources with a forward cost of supply estimated at less than $30 per barrel WTI. ConocoPhillips projects at least $500 million in annual cost and capital savings within the first year post-closing. Critics of the deal warn that it could further consolidate the oil industry's power and delay the transition to clean energy. The deal may also face antitrust issues and scrutiny from the Federal Trade Commission.
#Conocophillips #MarathonOil #Acquisition #ShaleAssets #OilIndustry #CleanEnergy #Antitrust #FederalTradeCommission
https://www.forbes.com/sites/rrapier/2024/05/29/conocophillips-bolsters-us-shale-assets-with-225-billion-acquisition-of-marathon-oil/