ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal worth $17 billion. The acquisition will add 2 billion barrels of oil and gas resources to ConocoPhillips' portfolio across shale fields in Texas, New Mexico, and North Dakota. ConocoPhillips expects $500 million in annual cost savings from the deal through reduced administrative and operating expenses. The company plans $7 billion in share buybacks in the first year and $20 billion within three years post-deal. The transaction makes ConocoPhillips the third-largest US oil company by market cap of more than $130 billion.
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00:00 It's Benzinga and here's what's on the block.
00:02 ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal worth $17 billion.
00:07 The acquisitions will add 2 billion barrels of oil and gas resources to ConocoPhillips' portfolio
00:14 across shale fields in Texas, New Mexico, and North Dakota.
00:17 ConocoPhillips expects $500 million in annual cost savings from the deal through reduced
00:22 administrative and operating expenses. The company plans $7 billion in share buybacks
00:27 in the first year and $20 billion within three years post-deal. The transaction makes ConocoPhillips
00:33 the third-largest U.S. oil company by market cap of more than $130 billion.
00:38 For all things money visit Benzinga.com