Dealing frenzy: Marathon Oil acquisition will allow Conoco Phillips to strengthen its position in US regions rich in shale oil and gas
US energy giant ConocoPhillips has bought Marathon Oil in a deal valued at £17.7bn, the latest in a series of acquisitions in the US oil sector.
Last year saw £200bn of sectoral M&A activity, including Exxon Mobil’s £48bn acquisition of Pioneer Natural Resources and the Chevron-Hess alliance.
The acquisition will allow ConocoPhillips to strengthen its position in US shale oil and gas-rich regions such as the Bakken Basin and Permian Basin.
Boss Ryan Lance added: “Pioneer further deepens our portfolio.” The deal represents a 14.7 percent premium to Marathon Oil’s closing price on Tuesday.
In the UK, ConocoPhillips operates a major oil terminal on Teesside and a commodities trading unit in London.
