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Add-on Acquisition • Oil/Gas Exploration

ConocoPhillips Acquires Marathon Oil

On May 29, 2024, ConocoPhillips acquired oil/gas exploration company Marathon Oil for 22.5B USD

Acquisition Context
  • This is ConocoPhillips’ 5th transaction in the Oil/Gas Exploration sector.
  • This is ConocoPhillips’ 2nd largest (disclosed) transaction.
  • This is ConocoPhillips’ 7th transaction in the United States.
  • This is ConocoPhillips’ 6th transaction in Texas.

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M&A Deal Summary
Date May 29, 2024
Target Marathon Oil
Sector Oil/Gas Exploration
Buyer(s) ConocoPhillips
Deal Type Add-on Acquisition
Deal Value 22.5B USD

Target Company

Marathon Oil

Houston, Texas, United States
Marathon Oil's corporate headquarters in Houston, Texas.
Marathon Oil's corporate headquarters in Houston, Texas.
Marathon Oil is an international oil exploration and production company. Marathon has net proved reserves of more then 2 billion barrels of oil equivalent across North America, Europe and Africa. Marathon Oil was formed in 1887 and is based in Houston, Texas.
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Buyer Overview 1

Buyer

ConocoPhillips

Houston, Texas, United States
Category Company
Founded 1917
Sector Oil/Gas Exploration
Employees11,800
Revenue 54.7B USD (2024)
DESCRIPTION
Entrance to ConocoPhillips' corporate campus in Houston, Texas.
Entrance to ConocoPhillips' corporate campus in Houston, Texas.

ConocoPhillips is an integrated energy company with operations and activities across the world. ConocoPhillips was incorporated in 1917 and is based in Houston, Texas.

Deal Context for Buyer #
Overall 8 of 8
Sector: Oil/Gas Exploration 5 of 5
Type: Add-on Acquisition 5 of 5
State: Texas 6 of 6
Country: United States 7 of 7
Year: 2024 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-28 ConocoPhillips - Permian Basin

Houston, Texas, United States

ConocoPhillips's Permian Basin produces over 11,000 boepd (50% oil) from the Central Basin Platform and Northwest Shelf.

Sell $440M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-21 ConocoPhillips - Ursa & Europa Fields

Houston, Texas, United States

ConocoPhillips' Ursa & Europa Fields provides exploration and production services.

Sell $735M

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