(Energy Analytics Institute, 22.Nov.2024) — ConocoPhillips completed its acquisition of Marathon Oil Corporation.
“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,” ConocoPhillips chairman and CEO Ryan Lance said 22 Nov. 2024 in an official company statement.
“Marathon Oil adds high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position. We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1bn on a run rate basis in the next 12 months,” Lance said.
Per the terms of the merger agreement, each share of Marathon Oil common stock was converted into the right to receive 0.255 shares of ConocoPhillips common stock at the effective time of the merger, with cash in lieu of fractional shares.
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