World News | ConocoPhillips Buying Marathon Oil for $17.1 Billion in All-stock Deal, Plus $5.4 Billion in Debt

Dubai, May 29 (AP) ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion.

The deal is valued at $22.5 billion when including $5.4 billion in debt.

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Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.

As part of the transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.

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ConocoPhillips said Wednesday that the transaction will add highly complementary 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.

Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)