ConocoPhillips said on Wednesday it would buy Marathon Oil in an all-stock deal with an enterprise value of $22.5 billion, including $5.4 billion of net debt, in the latest merger transaction in the U.S. shale industry. Under the terms of the definitive agreement, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, representing a 14.7% premium to the closing share price of Marathon Oil on May 28, 2024, and a 16.0% premium to the prior 10-day volume-weighted average…
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