One-Page Deal Sheet
ConocoPhillips to Acquire Marathon In a Deal Worth $22 Billion
ConocoPhillips Marathon Oil Corp
Announced Date
May 29,2024
Effective Date
November 22,2024
Close Date
November 22,2024
Transaction Type
Corporate
Enterprise Value (EV)($MM)
22500
Asset/Basin:
["Eagle Ford", "Williston (Bakken)", "Anadarko (STACK/SCOOP)", "Permian (Delaware)"]
TargetZones:
["Eagle Ford", "Midd
% Oil:
Proved Reserves
Location
Calculated Metrics( EV/Category)
Country
United States
State
Texas
Play
Production & Reserves Production
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
Transaction Details: Subscribe to see
ConocoPhillips said it will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, representing a 14.7% premium to the closing share price of Marathon Oil on May 28, 2024, and a 16.0% premium to the prior 10-day volume-weighted average price.
Here are Marathon Oil’s most recent SEC-reported 1P (proved) reserves from the latest 10-K (year-end 2023):
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Feb-18-2026 | SM Energy Sells Eagle Ford Asset for $950 Million | -  |
- |
| Nov-12-2025 | Baytex Energy Exits United States in $2.305B Eagle Ford Divestiture | - |
- |
| Nov-03-2025 | Viper Energy Divests Non-Permian Mineral & Royalty Portfolio to Warwick Capital and GRP Energy for $617MM | - |
- |