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. 

Related Company Profiles

View all

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.  

See Also:

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.” 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.