Conocophillips Intends To Buy Marathon Oil For High Price

American oil companies ConocoPhillips and Marathon Oil arenegotiating a merger, Azernews reports.

Negotiations are at an advanced stage, Marathon Oil may bevalued at $15 billion. It is noted that ConocoPhillips, which isthe largest independent oil producing company in the world with amarket capitalization of $ 139 billion, has been trying for severalweeks to get agreement from Marathon Oil.

The same was achieved by Conoco's smaller competitor, DevonEnergy. Six months ago, Devon Energy had already held preliminarytalks with Marathon. If the Marathon purchase comes to fruition, itwill be the largest deal for Conoco since 2020, when it boughtConcho Resources for $10 billion. Marathon owns large fields in theUnited States, in particular, in North Dakota, Oklahoma, Texas andNew Mexico, and it also owns a gas production business inEquatorial Guinea.

Experts note that large companies are seeking to acquire thebest of the remaining assets in the shale industry and consolidatethis rather fragmented sector. Last October, ExxonMobil and Chevronagreed large-scale deals worth $60 billion and $53 billion,respectively, thus launching a wave of deals in the sector.

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