ConocoPhillips in advanced talks to buy Marathon Oil
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
ConocoPhillips is in advanced talks to buy Marathon Oil in an all-stock deal that could value the Houston-based company at a little over its US$15 billion market value, the Financial Times reported on Wednesday citing people briefed on the matter.
Although a deal seemed to be imminent late on Tuesday night, there was still a risk of negotiations falling apart or a rival bidder gatecrashing Conoco's takeover plan, the report said.
Marathon Oil and ConocoPhillips did not immediately respond to Reuters' requests for comments.
The US oil and gas industry went on a US$250 billion buying spree in 2023 and the consolidation wave has continued into this year, but has drawn increased antitrust scrutiny.
Bloomberg News reported in October last year that Devon Energy had held preliminary talks about combining with Marathon Oil.
The Financial Times report said on Wednesday that Conoco has been competing with Devon to acquire Marathon for several weeks.
Marathon Oil's first quarter oil production was down 2.7% to 181 000 bpd, compared with a year earlier.
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Read the article online at: https://www.worldpipelines.com/business-news/29052024/conocophillips-in-advanced-talks-to-buy-marathon-oil/
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