The acquisition of Marathon Oil will extend ConocoPhillips' reach across shale fields in Texas, New Mexico and North Dakota, adding 2 billion barrels of resources to its portfolio.
ConocoPhillips is the last major U.S. oil company to pull the trigger on a big acquisition as the industry undergoes a wave of consolidation.in an all-stock transaction worth $17 billion that would bolster the company's shale assets as the broader oil and gas industry undergoes a major wave of consolidation.
Lance said the transaction would grow ConocoPhillips' earnings, cash flow and shareholder returns after the deal closes in the fourth quarter. ConocoPhillips expects share buybacks worth $7 billion in the first year after the deal is completed and $20 billion in the first three years.
Source: News Formal (newsformal.com)
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