ConocoPhillips Acquires Marathon Oil for $22.5B

By Bobby Samwell • Thursday, August 01 15:18 • Permanent Link

ConocoPhillips, a leading E&P company, reported its financial performance and significant developments in its latest 10-Q filing. Here are the key facts and figures from the report:

ConocoPhillips announced an all-stock acquisition of Marathon Oil Corporation with an enterprise value of approximately $22.5 billion. The acquisition is expected to add high-quality, low-cost development opportunities to its existing U.S. onshore portfolio and additional LNG capacity to its global portfolio.
The company detailed a plan to repurchase over $7 billion of shares in the first full year following the closing of the Marathon Oil transaction and over $20 billion of shares in total over the first three years.
In the second quarter of 2024, ConocoPhillips generated $4.9 billion of cash from operating activities and returned $1.9 billion to shareholders through share repurchases and dividends.
The company ended the quarter with cash, cash equivalents, restricted cash, and short-term investments totaling $6.3 billion and long-term investments in debt securities of $1.0 billion.
ConocoPhillips reported second-quarter 2024 earnings per share of $1.98 and declared an ordinary dividend of $0.58 per share and a VROC of $0.20 per share payable in the third quarter.
The company's total production in the second quarter of 2024 was 1,945 MBOED, an increase of 140 MBOED or eight percent from the same period a year ago.
ConocoPhillips' average sales prices for crude oil, natural gas liquids, and bitumen increased in the second quarter of 2024 compared to the same period in 2023.
The company's total average realized price was $56.56 per BOE in the second quarter of 2024, compared with $54.50 per BOE in the second quarter of 2023.
ConocoPhillips expects third-quarter 2024 production to be 1.87 to 1.91 MMBOED, inclusive of approximately 90 MBOED of turnaround impacts, and full-year production to be approximately 1.93 to 1.94 MMBOED.
The company's full-year capital expenditures guidance is updated to approximately $11.5 billion versus the prior range of $11.0 to $11.5 billion.
ConocoPhillips reported sales and other operating revenues of $13.62 billion in the second quarter of 2024, an increase from $12.35 billion in the same period in 2023.
The company's equity in earnings of affiliates was $403 million in the second quarter of 2024, slightly lower than $412 million in the same period in 2023.

These figures provide a comprehensive overview of ConocoPhillips' financial performance and strategic initiatives as detailed in its 10-Q filing. The market has reacted to these announcements by moving the company's shares -2.7% to a price of $108.17. If you want to know more, read the company's complete 10-Q report here.

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