ConocoPhillips Chairman and CEO Ryan Lance speaks on the CERAWeek Oil Summit in Houston, Texas, on March 19, 2024.
Mark Felix | AFP | Getty Pictures
ConocoPhillips on Wednesday agreed to amass Marathon Petroleum Corp. in an all-stock deal price $17.1 billion that can bolster the corporate’s shale property.
“This acquisition of Marathon Petroleum additional deepens our portfolio and is in step with our monetary framework, including high-quality, high-quality, high-quality oil and fuel close to our main U.S. unconventional place,” ConocoPhillips CEO Ryan Lance mentioned in an announcement. Low value provide stock.
The deal, anticipated to shut within the fourth quarter, can be instantly accretive to ConocoPhillips’ earnings, money move and shareholder returns, Lance mentioned. After the information was introduced, ConocoPhillips’ shares fell 3.3% in early buying and selling, whereas Marathon Oil’s shares rose 7.3%.
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