In May, ConocoPhillips announced its intention to acquire Marathon Oil in an all-stock transaction. Credit: JHVEPhoto/Shutterstock.

ConocoPhillips has received a second request for information from the US FTC for its acquisition of Marathon Oil. 

This development is a part of the FTC’s antitrust review procedures and could potentially delay the closing of the transaction. 

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In May, ConocoPhillips announced its intention to acquire Marathon Oil in an all-stock transaction valued at $22.5bn, including $5.4bn of net debt.  

According to the definitive agreement terms, Marathon Oil shareholders will receive 0.2550 ConocoPhillips shares for each share they own. 

The offer represents a 14.7% premium over Marathon’s closing price on 28 May 2024 and a 16% premium on the ten-day volume-weighted average price.  

In a stock filing, ConocoPhillips said: “On 11 July 2024, ConocoPhillips and Marathon each received a request for additional information and documentary materials (Second Request) from the FTC in connection with the FTC’s review of the merger.” 

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ConocoPhillips and Marathon said they are collaborating with the FTC on the merger review and expect to complete the merger in the fourth quarter of 2024, pending regulatory approvals and stockholder consent.  

This deal followed other transactions such as ExxonMobil’s $60bn acquisition of Pioneer Natural Resources and Chevron‘s proposed $53bn merger with Hess.  

Other notable industry transactions include Occidental Petroleum‘s $12bn purchase of CrownRock and the $26bn merger between Diamondback Energy and Endeavour Energy. 

Earlier in April, Diamondback Energy and Chesapeake Energy also received similar requests from the FTC concerning their acquisitions of Endeavour Energy Resources and Southwestern Energy, respectively.