Marathon Oil Corp. announced Thursday that it has secured shareholder approval for its pending $23 billion merger with ConocoPhillips, a significant milestone as the two energy giants push to finalize the deal amidst ongoing U.S. regulatory scrutiny.
Marathon Oil $23B Conocophillips Deal Approval : Deal Expected to Close by Late 2024
Both Marathon Oil and ConocoPhillips expect the merger to be completed by the end of the fourth quarter of 2024, pending full regulatory approval and other customary closing conditions. The deal, valued at $23 billion—including $5.4 billion in debt—was first unveiled in May. The companies recently revealed that the Federal Trade Commission (FTC) had requested additional information as part of its review.
Strategic Move in a Year of Major Industry Mergers
This merger is part of a broader wave of consolidation in the oil and gas sector. Among the notable deals, ExxonMobil’s $60 billion acquisition of Pioneer Natural Resources ranks as the largest. The Marathon Oil $23B ConocoPhillips deal approval signifies another major step in reshaping the landscape of the energy industry.
