ConocoPhillips to Acquire Marathon Oil Corporation in All-Stock Deal Worth $22.5B, Implying a 14.7% Premium
Portfolio Pulse from Benzinga Newsdesk
ConocoPhillips (NYSE:COP) is set to acquire Marathon Oil Corporation (NYSE:MRO) in an all-stock deal valued at $22.5 billion, including $5.4 billion of net debt. The deal offers a 14.7% premium to Marathon Oil's closing share price on May 28, 2024. ConocoPhillips will also boost its dividend by 34% to $0.78 per share and plans to repurchase over $20 billion in shares within the first three years, with $7 billion in the first year.

May 29, 2024 | 11:05 am
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ConocoPhillips is acquiring Marathon Oil in a $22.5 billion all-stock deal, which is expected to be immediately accretive to earnings, cash flows, and distributions per share. ConocoPhillips will also increase its dividend by 34% and plans significant share repurchases.
The acquisition is immediately accretive to ConocoPhillips' earnings and cash flows, and the company is also increasing its dividend and planning significant share repurchases, which are positive signals for investors.
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Marathon Oil is being acquired by ConocoPhillips in a $22.5 billion all-stock deal, offering a 14.7% premium to its closing share price on May 28, 2024. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock.
The acquisition offers a 14.7% premium to Marathon Oil's closing share price, which is a positive short-term impact for MRO shareholders.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100