ConocoPhillips and Marathon Oil received a request from the U.S. Federal Trade Commission (FTC) for additional information about the proposed merger between the two oil producers.
The companies each received a “second request” on July 11 from the FTC, which seeks more information and documentary materials in reviewing the combination.
Houston-based ConocoPhillips announced plans in late May to acquire Houston-based Marathon Oil Corp. for approximately $17.1 billion—or $22.5 billion including $5.4 billion of net debt.
ConocoPhillips and Marathon say they “continue to work constructively with the FTC in its review of the merger and continue to expect that the merger will be completed in the fourth quarter of 2024,” according to a July 12 filing with the U.S. Securities & Exchange Commission (SEC).
ConocoPhillips and Marathon join a growing number of E&Ps that reached M&A agreements, only to see them prolonged by additional requests and review by the FTC.
In April, the FTC sent a second request for info regarding Diamondback Energy’s $26 billion acquisition of Endeavor Energy Resources.
The same month, Chesapeake Energy’s $7.4 billion merger with Southwestern Energy was also delayed by such a request.
The FTC sent second requests to Exxon Mobil and Chevron regarding their respective acquisitions of Pioneer Natural Resources and Hess Corp. Exxon closed the $60 billion Pioneer acquisition in May.
The FTC is reportedly delaying its decision on Chevron’s $53 billion acquisition of Hess until after an arbitration case with Exxon Mobil is settled, according to media reports. The dispute stems from Hess’ ownership interest in oil-rich blocks offshore Guyana, operated by Exxon.
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