ConocoPhillips completes acquisition of Marathon Oil

HOUSTON, November 22, 2024 – ConocoPhillips announced on Friday it has completed its USD 22.5-billion acquisition of Marathon Oil Corporation.

The deal had an enterprise value of USD 22.5 billion, inclusive of USD 5.4 billion of net debt.

“Marathon Oil adds high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” ConocoPhillips chairman and CEO Ryan Lance said.

“We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over USD 1 billion on a run rate basis in the next 12 months.”

Via the deal, ConocoPhillips expects to add more than 2 billion barrels of oil resources with an estimated average production cost of USD 30 per barrel.

Marathon Oil brings with it producing assets in Eagle Ford, Texas; Bakken, North Dakota; Permian in New Mexico and Texas, and STACK and SCOOP in Oklahoma, as well as an integrated gas business in Equatorial Guinea comprising majority stakes in the Alba field and Block D along with a downstream business.

The merger is the latest in a trend of consolidation among US oil majors, as seen in Chevron‘s ongoing merger with Hess, ExxonMobil’s planned acquisition of Pioneer Natural Resources and Occidental’s purchase of CrownRock.

Photo courtesy of ConocoPhillips.

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