ConocoPhillips , to Buy Marathon Oil.<br />ConocoPhillips , to Buy Marathon Oil.<br />On May 29, ConocoPhillips agreed to <br />acquire Marathon Oil in an all-stock deal valued at $17 billion, CNBC reports.<br />The agreement will provide ConocoPhillips with <br />an additional 2 billion barrels of U.S. inventory.<br />This acquisition of Marathon Oil further <br />deepens our portfolio and fits within our <br />financial framework, adding high-quality, <br />low cost of supply inventory adjacent to our <br />leading U.S. unconventional position. , ConocoPhillips CEO Ryan Lance, via statement.<br />ConocoPhillips' market cap will <br />exceed $150 billion due to the deal.<br />As an independent producer, ConocoPhillips will now be on the same scale as some big-time players, CNBC reports.<br />For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.<br />For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.<br />While the deal is likely to face FTC scrutiny, the fact that Marathon's assets encompass multiple basins supports regulatory approval, Dittmar said. .<br />Once the deal is complete, <br />ConocoPhillips anticipates share buybacks worth $7 billion within the first year.<br />After three years, that number is <br />expected to grow to $20 billion.<br />ConocoPhillips' larger rivals, <br />Exxon Mobil and Chevron, announced <br />blockbuster deals as well last year.<br />ConocoPhillips' larger rivals, <br />Exxon Mobil and Chevron, announced <br />blockbuster deals as well last year
