ConocoPhillips in advanced talks to buy Marathon Oil, FT reports


(Reuters) -ConocoPhillips is in advanced talks to buy Marathon Oil in an all-stock deal that could value the Houston-based company at a little over its $15 billion market value, the Financial Times reported on Wednesday citing people briefed on the matter.

Although a deal seemed to be imminent late on Tuesday night, there was still a risk of negotiations falling apart or that a rival bidder would gatecrash Conoco’s takeover plan, the report added.

Marathon Oil and ConocoPhillips did not immediately respond to Reuters requests for comments.

The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the consolidation wave has continued into 2024.

Earlier this month, U.S. regulators gave the go-ahead to Exxon Mobil’s $60 billion purchase of Pioneer Natural Resources, but barred Pioneer’s former CEO from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Savio D’Souza and Nivedita Bhattacharjee)

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