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Marathon Oil shares pop on report of advanced acquisition talks with ConocoPhillips

Published 2024-05-29, 04:38 a/m
© Reuters
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ConocoPhillips (NYSE:COP) is in advanced negotiations to acquire Marathon Oil (NYSE:MRO) in an all-stock deal potentially valuing Marathon at over $15 billion, the Financial Times reported Wednesday.

Shares in Marathon Oil jumped more than 5% in premarket trading.

While a deal appeared imminent late Tuesday, risks, including the possibility of negotiations collapsing or a rival bid emerging, still persist, the report stated.

The U.S. oil and gas sector, which saw $250 billion in acquisitions in 2023, continues to consolidate despite increasing antitrust scrutiny.

Recently, regulators approved Exxon Mobil 's (NYSE:XOM) $60 billion acquisition of Pioneer Natural Resources but prohibited Pioneer's former CEO from joining Exxon's board due to allegations of collusion with OPEC to raise oil prices.

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