ConocoPhillips Acquires Marathon Oil For $17 Billion

ConocoPhillips has agreed to acquire Marathon Oil in a transaction valued at $17 Billion. The all-stock transaction will add 2 billion barrels to Conoco’s reserves, and will increase its presence in the Eagle Ford, Bakken, Niobrara, and Equatorial Guinea, where Marathon previously had major operations. Conoco joins the recent wave of supermajors improving production growth through acquisitions. ExxonMobil recently acquired Pioneer Natural Resources for $62 billion, while Chevron also lately acquired Hess Corp for $53 billion.