ConocoPhillips to Acquire Marathon Oil in $22.5 Billion All-Stock Deal

The merger will create the largest independent oil producer in the U.S., enhancing ConocoPhillips' shale portfolio and boosting shareholder returns.

The deal includes $5.4 billion in debt and represents a 14.7% premium on Marathon's stock price.
Marathon shareholders will receive 0.255 shares of ConocoPhillips stock per Marathon share.
The merger is expected to increase ConocoPhillips' crude production by 31% and add 2,600 drilling locations.
ConocoPhillips plans to repurchase $7 billion in shares within the first year and increase dividends by 34%.
The merger follows a trend of consolidation in the energy sector, including recent deals by ExxonMobil and Chevron.