ConocoPhillips has announced the completion of its acquisition of Marathon Oil Corporation.

As per the merger agreement, each share of Marathon Oil common stock was converted into 0.255 shares of ConocoPhillips common stock, with cash provided for fractional shares.

This acquisition will strengthen ConocoPhillips' position in the industry.

Marathon Oil had previously announced receiving the necessary stockholder approval for its merger with ConocoPhillips in August.

ConocoPhillips chairman and CEO Ryan Lance said: “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework.

“Marathon Oil adds high-quality, low-cost of supply inventory adjacent to our leading US unconventional position. We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1bn on a run rate basis in the next 12 months.”

In related news, Marathon Oil awarded a new Master Service Agreement (MSA) to Petrofac for operations in Equatorial Guinea.

The MSA will see Petrofac providing discipline engineering support and technical authority to ensure operational excellence and safety across key assets.

This agreement builds on Petrofac's existing relationship with Marathon Oil, particularly in the North Sea.

The MSA involves support for both onshore and offshore facilities, including the Alba Gas Plant and five offshore steel jacket facilities in the Alba Field.

In a parallel development, Chevron has cleared a significant hurdle in its proposed $53bn all-stock merger with Hess.

The Federal Trade Commission has granted approval after an antitrust review, marking a crucial step towards finalising the transaction initially announced in October.

As a condition of the approval, Hess CEO John B Hess will not join Chevron’s board of directors.