CONOCOPHILLIPS (COP): M&A transaction — ConocoPhillips closes Marathon Oil acquisition; expects >$1B run-rate synergies

CONOCOPHILLIPS

Each MRO share converted to 0.255 COP shares; deal effective Nov 22, 2024.
Expected to deliver over $1 billion in run-rate synergies within 12 months.
HSR Act waiting period expired Nov 20, 2024 after Second Request compliance.
ConocoPhillips guarantees $1B in Marathon Oil municipal bonds; to assume obligations by July 2026.
Pro forma combined balance sheet shows $122.9B total assets as of Sept 30, 2024.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CONOCOPHILLIPS completed an acquisition involving Marathon Oil Corporation for 0.255 shares of common stock of the Company and cash in lieu of fractional shares (closed 2024-11-22).

Action: acquisition
Counterparty: Marathon Oil Corporation
Consideration: 0.255 shares of common stock of the Company and cash in lieu of fractional shares
Closing: 2024-11-22

Exact text from the filing

share of common stock of Marathon outstanding immediately prior to the effective time of the Merger (other than certain excluded shares) was converted into the right to receive 0.255 shares of common stock of the Company and cash in lieu of fractional shares, as applicable (the “Merger Consideration”). Additionally, as a result of the Merger, each outstanding

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Source: SEC EDGAR

accession 0001104659-24-122112

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