Big oil companies will just keep getting bigger ...Middle East

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Big oil companies will just keep getting bigger
Oil-patch consolidation has been a big game of musical chairs: No one wants to be left standing. Exxon Mobil and Chevron, the largest U.S. hydrocarbon producers, picked their targets last year. On Wednesday, the third-largest producer by market value—ConocoPhillips—had its latest turn, agreeing to buy Marathon Oil in a deal that values its stock and debt at $22.5 billion. Once the deal closes, Conoco’s market value will edge closer to that of the French oil major, TotalEnergies. The price tag itself is unremarkable, representing a 15% premium to Marathon’s own closing share price before the announcement. That is neither overly generous nor too cheap: Exxon paid an 18%

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