Offshore staff
HOUSTON — ConocoPhillips has entered into a definitive agreement with Marathon Oil Corp. to acquire the independent oil and gas E&P company in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt.
ConocoPhillips said this acquisition will add complementary acreage to its existing US onshore portfolio, adding more than 2 Bbbl of resource with an estimated average point forward cost of supply of less than $30 per barrel WTI.
Marathon Oil is mainly focused on onshore US plays, but it also has an integrated gas business in Equatorial Guinea. Marathon Oil currently owns a 63% operated working interest under a production sharing contract in the Alba Field and an 80% operated working interest in Block D, both of which are offshore Equatorial Guinea.
The transaction, subject to the approval of Marathon Oil stockholders, regulatory clearance and other customary closing conditions, is scheduled to close in fourth-quarter 2024.
05.29.2024
