Marathon Oil

History

2024: ConocoPhillips bought Marathon Oil for $17bn

The American oil-extracting The company ConocoPhillips at the end of May 2024 announced the acquisition of its competitor Marathon Oil Corporation for $17 billion in a stock exchange deal. It is the largest merger in the oil and gas sector in USA recent years.

Under the terms of the deal, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips for each Marathon share they own. The proposed share swap represents a premium of 14.7% to Marathon's closing price on May 28, 2024, and 16.0% to the weighted average price for the previous 10 trading days. Thus, the total cost of buying Marathon Oil, taking into account debt obligations, is $22.5 billion.

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ConocoPhillips

The acquisition of Marathon Oil will immediately lead to an increase in our profits, cash flows and dividend payments per share, "commented Ryan Lance, Chairman of the Board and CEO of ConocoPhillips.

He noted that the merger of the assets of the two companies will allow ConocoPhillips to achieve at least $500 million in annual operating cost savings and capital investments in the first full year after the completion of the transaction.

American analysts regard the deal as beneficial for ConocoPhillips, strengthening its position in key US oil and gas regions, especially in the largest shale field in the Perm basin. The Marathon takeover will also help diversify ConocoPhillips' manufacturing assets.

According to Lance, regardless of the Marathon purchase, ConocoPhillips intends to increase regular quarterly dividend payments by 34% to $0.78 per share starting from the fourth quarter of 2024. In addition, after the completion of the transaction, while maintaining current oil and gas prices, the company plans to redeem its own shares worth more than $20 billion in the first three years, including more than $7 billion in the first full year.

In addition, he added that the deal to buy Marathon Oil Corporation for $17 billion is subject to approval from Marathon shareholders, regulators and other customary closing conditions. Its completion is scheduled for the fourth quarter of 2024.

ConocoPhillips to acquire Marathon Oil Corporation in all-stock transaction; provides shareholder distribution update

2015: Assets in Europe and Africa

In 2015, the company has divisions in Europe and Africa, has assets in Scotland, Norway, and the islands of Equatorial Guinea.

1889: As part of the John D. Rockefeller Trust

From 1889 to 1911, the company was part of John D. Rockefeller's Standard Oil Trust.

1887: Foundation of the Company

The company was founded in 1887, headquartered in Houston, USA. Texas USA It was in that year that the prototype of the modern automobile engine was invented in the United States.