ConocoPhillips buys Marathon Oil for $17.1 billion as energy giants scale up

ConocoPhillips is buying Marathon Oil for $17.1 billion, continuing a pattern of consolidation in the energy industry since the pandemic ended.

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

"This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position," ConocoPhillips CEO Ryan Lance said in a statement.