Share on linkedin Oil giant ConocoPhillips is acquiring the big producer Marathon Oil in a $17 billion all-stock deal .It's the latest domino to fall in the rapid consolidation of large U.S.-based players.
2023 brought over $190 billion in upstream deals, per Enverus Intelligence Research, and tie-ups are continuing this year.The Marathon deal will add "high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position," ConocoPhillips CEO Ryan Lance said in a statement.It would add over 2 billion barrels to ConocoPhillips' Lower-48 resource base, the announcement states.
Gasoline Oil Production Conocophillips
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