ConocoPhillips has announced the successful completion of its acquisition of Marathon Oil Corporation.
The merger enhances ConocoPhillips’ portfolio with high-quality, low-cost assets, strengthening its position in the US unconventional energy sector. Ryan Lance, chairman and chief executive officer of ConocoPhillips, highlighted the strategic fit of the acquisition: “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework. Marathon Oil adds high-quality, low cost of supply inventory adjacent to our leading US unconventional position. We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1 billion on a run rate basis in the next 12 months.”
Under the terms of the agreement, each share of Marathon Oil common stock has been converted into the right to receive 0.255 shares of ConocoPhillips common stock, with cash provided in lieu of fractional shares.
This acquisition underscores ConocoPhillips’ focus on expanding its resource base while adhering to its disciplined financial strategy, positioning the company for continued growth and value creation.
For more information visit www.conocophillips.com
