"This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework," said Ryan Lance, ConocoPhillips’ chairman and CEO.
ConocoPhillips Co. has completed its acquisition of Marathon Oil Corp. for approximately $17.1 billion—$22.5 billion including $5.4 billion of net debt, the Houston-based E&P announced Nov. 22.
The deal, which was announced in May, adds complementary acreage to ConocoPhillips’ Lower 48 portfolio with more than 2 Bbbl of resource. It includes an estimated average point forward cost of supply of less than $30/bbl West Texas Intermediate.
"This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework," said Ryan Lance, ConocoPhillips’ chairman and CEO.
Lance said he expects the deal to deliver synergies of over $1 billion on a run rate basis in the next 12 months.
As part of the merger agreement, each share of Marathon Oil common stock was converted into the right to receive 0.255 share of ConocoPhillips common stock at the effective time of the merger, ConocoPhillips said. Marathon’s trading price closed at $28.55 on Nov. 21.
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