ConocoPhillips Seals the Deal on $22.5B Marathon Oil Acquisition
ConocoPhillips has successfully completed its $22.5 billion all-stock acquisition of Marathon Oil, marking one of the largest energy sector consolidations of 2024. The deal, which closed on November 22, 2024, significantly strengthens ConocoPhillips’ position in the U.S. oil and gas market.
The acquisition enhances ConocoPhillips’ operations across key basins, particularly in the Bakken, Eagle Ford, and Permian regions. The combined entity creates a more diversified portfolio with improved operational efficiencies and enhanced cash flow generation capabilities. Marathon Oil stockholders approved the transaction along with other customary closing conditions.
This mega-deal is part of ongoing industry consolidation as energy companies seek to achieve greater scale and operational efficiencies. The transaction follows other major energy sector mergers in 2024, including:
- ExxonMobil’s $59.5 billion acquisition of Pioneer Natural Resources
- Diamondback Energy’s $26 billion deal for Endeavor Energy Partners
These mergers reflect the industry’s push for consolidation and enhanced competitiveness.