ConocoPhillips in advanced talks to buy Marathon Oil, FT reports

According to the Financial Times, ConocoPhillips is currently engaged in advanced discussions to acquire Marathon Oil in an all-stock transaction. The deal is expected to value Marathon Oil slightly above its market value of $15 billion. However, there is still a possibility that the negotiations may not reach a final agreement or that another bidder may interfere with Conoco’s takeover plan.

Both Marathon Oil and ConocoPhillips have not yet responded to requests for comments from Reuters.

The U.S. oil and gas industry has been experiencing a wave of consolidation, with companies spending approximately $250 billion on acquisitions in 2023. This trend has continued into 2024.

Earlier this month, U.S. regulators approved Exxon Mobil’s $60 billion acquisition of Pioneer Natural Resources. However, the former CEO of Pioneer was barred from joining Exxon’s board due to allegations of attempting to collude with OPEC to increase oil prices.