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| Oil giant ConocoPhillips to buy Marathon Oil in $17.1bn deal | Oil giant ConocoPhillips to buy Marathon Oil in $17.1bn deal |
| (about 1 hour later) | |
| Takeover is latest by a US conglomerate gambling on fossil fuel production as profits surge on rising energy prices | Takeover is latest by a US conglomerate gambling on fossil fuel production as profits surge on rising energy prices |
| ConocoPhillips is to buy Marathon Oil in an all-stock deal valued at about $17.1bn as profits at big oil giants surge on rising energy prices. | ConocoPhillips is to buy Marathon Oil in an all-stock deal valued at about $17.1bn as profits at big oil giants surge on rising energy prices. |
| It is the latest American energy conglomerate to place a vast bet on fossil fuel production. Oil giant ExxonMobil completed its $59.5bn acquisition of the shale group Pioneer Natural Resources earlier this month, and Chevron is vying to get its $53bn deal for the oil producer Hess Corporation across the line. | It is the latest American energy conglomerate to place a vast bet on fossil fuel production. Oil giant ExxonMobil completed its $59.5bn acquisition of the shale group Pioneer Natural Resources earlier this month, and Chevron is vying to get its $53bn deal for the oil producer Hess Corporation across the line. |
| Environmental campaigners have been quick to criticize such transactions – warning that they risk exacerbating the climate crisis by enabling big oil operators to grow even larger. | Environmental campaigners have been quick to criticize such transactions – warning that they risk exacerbating the climate crisis by enabling big oil operators to grow even larger. |
| ConocoPhillips’s takeover of Marathon Oil – valued at $22.5bn, when including $5.4bn in debt – comes amid climbing oil prices. Crude prices have jumped more than 12% this year, and the cost of a barrel rose above $80 this week. | ConocoPhillips’s takeover of Marathon Oil – valued at $22.5bn, when including $5.4bn in debt – comes amid climbing oil prices. Crude prices have jumped more than 12% this year, and the cost of a barrel rose above $80 this week. |
| Ryan Lance, ConocoPhillips chairman and CEO, said the deal would add “high-quality, low cost of supply inventory” to the firm’s operations. “Importantly”, he added, ConocoPhillips and Marathon Oil “share similar values and cultures with a focus on operating safely and responsibly to create long-term value for our shareholders”. | |
| Lee Tillman, Marathon Oil chairman, president and CEO, hailed a “proud moment” for his company, which he claimed had remained “true to our core values of safety and environmental excellence” while generating “compelling” returns for its shareholders. | Lee Tillman, Marathon Oil chairman, president and CEO, hailed a “proud moment” for his company, which he claimed had remained “true to our core values of safety and environmental excellence” while generating “compelling” returns for its shareholders. |
| The deal, which requires approval from Marathon Oil stockholders, is expected to close in the fourth quarter. | The deal, which requires approval from Marathon Oil stockholders, is expected to close in the fourth quarter. |
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| Associated Press contributed reporting | Associated Press contributed reporting |