New mega-acquisition in American oil

New mega-acquisition in American oil
New mega-acquisition in American oil

This is part of a series of announcements of large acquisitions in the American oil sector going against calls to begin their energy transition, after ExxonMobil and Pioneer Natural Resources (60 billion dollars), Chevron and Hess (53 billion ), Occidental Petroleum and CrownRock (12 billion).

With Marathon, ConocoPhillips will strengthen itself in regions rich in shale oil and gas such as the Bakken basin, in the north of the United States, or the Permian basin in the south.

The acquisition will “add highly complementary surface areas to ConocoPhillips’ onshore portfolio in the United States, with two billion barrels of additional resources”, specify the companies, based in Texas, in a press release.

This “complementarity” should allow ConocoPhillips to achieve $500 million in savings in the year following the operation, which should be finalized at the end of 2024, in particular thanks to “the reduction of administrative costs” and of production.

The oil giant also plans to continue rewarding its shareholders with share buybacks worth more than $20 billion in the three years following the Marathon Oil takeover, including $7 billion in the first year, according to the press release.

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