ConocoPhillips (COP) to Acquire Marathon Oil (MRO) in $22.5B All-stock Deal
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ConocoPhillips to acquire Marathon Oil Corporation in all-stock transaction; provides shareholder distribution update
May 29, 2024 7:00 AM EDTAcquisition of Marathon Oil Corporation is expected to be immediately accretive to earnings, cash flows and return of capital per share. ConocoPhillips expects to achieve at least $500 million of run rate cost and capital savings within the first full year following the closing of the transaction. Independent of the transaction, ConocoPhillips expects to increase its ordinary base dividend by 34% to 78 cents per share starting in the fourth quarter of 2024. Upon closing of the transaction, ConocoPhillips expects share buybacks to be over $20 billion in the first three years, with over $7 billion in the first... More
