ConocoPhillips Completes Marathon Oil Acquisition

Ticker: COP · Form: 8-K · Filed: 2024-11-22T00:00:00.000Z

Sentiment: neutral

Topics: acquisition, energy, merger

Related Tickers: MRO

TL;DR

COP just bought MRO in an all-stock deal, closing Nov 20th. Big energy consolidation incoming.

AI Summary

ConocoPhillips announced on November 20, 2024, the completion of its acquisition of Marathon Oil Corporation. The transaction was an all-stock deal, with Marathon Oil shareholders receiving 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock they owned. This acquisition is expected to enhance ConocoPhillips' portfolio and generate significant shareholder returns.

Why It Matters

This major acquisition consolidates significant oil and gas assets, potentially impacting market supply and pricing, and reshaping the competitive landscape in the energy sector.

Risk Assessment

Risk Level: medium — The integration of Marathon Oil's assets and operations presents execution risks, and the all-stock nature of the deal could dilute ConocoPhillips' earnings per share in the short term.

Key Numbers

0.2550 — Exchange Ratio (Shares of ConocoPhillips common stock per share of Marathon Oil common stock.)

Key Players & Entities

ConocoPhillips (company) — Acquiring company
Marathon Oil Corporation (company) — Acquired company
November 20, 2024 (date) — Closing date of acquisition
0.2550 (dollar_amount) — Exchange ratio for the all-stock acquisition

FAQ

What was the effective date of the acquisition completion?

The acquisition was completed on November 20, 2024.

What type of transaction was the acquisition of Marathon Oil?

It was an all-stock transaction.

What is the exchange ratio for the acquisition?

Marathon Oil shareholders received 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock.

Which company acquired Marathon Oil Corporation?

ConocoPhillips acquired Marathon Oil Corporation.

What is ConocoPhillips' ticker symbol?

ConocoPhillips' ticker symbol is COP.

From the Filing

0001104659-24-122112.txt : 20241122 0001104659-24-122112.hdr.sgml : 20241122 20241122162221 ACCESSION NUMBER: 0001104659-24-122112 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 22 CONFORMED PERIOD OF REPORT: 20241120 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241122 DATE AS OF CHANGE: 20241122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONOCOPHILLIPS CENTRAL INDEX KEY: 0001163165 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 010562944 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32395 FILM NUMBER: 241490075 BUSINESS ADDRESS: STREET 1: 925 N. ELDRIDGE PARKWAY CITY: HOUSTON STATE: TX ZIP: 77079 BUSINESS PHONE: 281-293-1000 MAIL ADDRESS: STREET 1: SHIPPING & RECEIVING CENTER STREET 2: 16930 PARK ROW DR. CITY: HOUSTON STATE: TX ZIP: 77084 FORMER COMPANY: FORMER CONFORMED NAME: CORVETTEPORSCHE CORP DATE OF NAME CHANGE: 20011204 8-K 1 tm2428935d2_8k.htm FORM 8-K false 0001163165 0001163165 2024-11-20 2024-11-20 0001163165 us-gaap:CommonStockMember 2024-11-20 2024-11-20 0001163165 cop:SevenPercentDebenturesDueTwentyTwentyNineMember 2024-11-20 2024-11-20 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549    FORM 8-K   CURRENT REPORT   Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): November 22, 2024 ( November 20, 2024 )   ConocoPhillips (Exact name of registrant as specified in its charter)   Delaware   001-32395   01-0562944 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)   925 N. Eldridge Parkway Houston , Texas 77079 (Address of principal executive offices and zip code)   (Registrant’s telephone number, including area code): ( 281 ) 293-1000   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))    Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $.01 Par Value   COP   New York Stock Exchange 7% Debentures due 2029   CUSIP – 718507BK1   New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company   ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨           Item 2.01. Completion of Acquisition or Disposition of Assets.   On November 22, 2024, ConocoPhillips, a Delawar