FILE - A Conoco gas station sign is shown in Glenside, Pa., Sept. 29, 2021. ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices soar and big oil companies reap massive profits. - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.
In July of last year, Exxon Mobil said that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit fromAll of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech.from Exxon and Pioneer about their proposed deal.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio. The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
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