Home Money US energy giant Conoco Phillips buys Marathon Oil in £17.7bn deal

US energy giant Conoco Phillips buys Marathon Oil in £17.7bn deal

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Dealing frenzy: Marathon Oil acquisition will allow Conoco Phillips to strengthen its position in US regions rich in shale oil and gas

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.

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