ConocoPhillips Enhances Portfolio with Marathon Acquisition

Conocophillips ( (COP) ) just unveiled an announcement.

ConocoPhillips has successfully completed its acquisition of Marathon Oil Corporation, a strategic move that enhances its portfolio with high-quality, low-cost inventory and is expected to deliver over $1 billion in synergies within a year. This merger, finalized after a rigorous review process, allows each Marathon Oil share to be converted into 0.255 shares of ConocoPhillips, with additional cash for fractional shares. ConocoPhillips also guarantees $1 billion of Marathon’s municipal bonds, further strengthening its financial position in the energy market.

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