ConocoPhillips (COP) entered into a merger agreement on May 29, 2024, to acquire Marathon Oil Corporation (MRO) in a $22.5 billion all-stock deal, the latest in a series of mega-deals in the oil and gas industry.
Under the terms of the agreement, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, for $30.33 per share, representing a premium of 14.67% from the stock’s last close.