ConocoPhillips (NYSE: COP) has completed its acquisition of Marathon Oil Corporation (NYSE: MRO), marking a significant development in the energy sector. The acquisition adds high-quality, low-cost supply inventory adjacent to ConocoPhillips' leading U.S. unconventional position. As a result, ConocoPhillips expects to achieve synergies of over $1 billion on a run rate basis in the next 12 months.
As of September 30, 2024, ConocoPhillips had approximately 10,300 employees and $97 billion in total assets. Its production averaged 1,921 thousand barrels of oil equivalent per day (mboed) for the nine months ended September 30, 2024. Additionally, ConocoPhillips' proved reserves were reported to be 6.8 billion barrels of oil equivalent as of December 31, 2023.
The acquisition involved the conversion of each share of Marathon Oil common stock into the right to receive 0.255 shares of ConocoPhillips common stock at the effective time of the merger, with cash in lieu of fractional shares.
This acquisition positions ConocoPhillips as a global leader in the exploration and production sector, further strengthening its diversified asset portfolio and expanding its operational footprint across 13 countries. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $111.75. For more information, read the company's full 8-K submission here.
