ConocoPhillips acquires Marathon Oil in $17.1B deal to boost shale assets

ConocoPhillips Chairman & CEO Ryan Lance delivered a keynote address at the CERAWeek oil summit in Houston, Texas, on March 19, 2024. The $17.1 billion all-stock agreement between ConocoPhillips and Marathon Oil marks a significant move in the oil industry's trend towards consolidation. The acquisition aims to enhance ConocoPhillips' shale assets, positioning it as the third-largest U.S. oil company.

With this strategic acquisition, ConocoPhillips CEO Ryan Lance expressed his confidence, stating, 'This transaction deepens our portfolio and aligns with our financial strategy by incorporating high-quality, cost-effective resources into our leading U.S. unconventional segment.'