ConocoPhillips is buying Marathon Oil in $22.5 billion deal
CNN
Big Oil keeps doing big deals.
Big Oil keeps doing big deals. ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon were up more than 8% in premarket trade, while Conoco stock was down about 3%. The merger of the Houston-based rivals follows ExxonMobil’s $60 billion purchase of Pioneer and Chevron’s agreed takeover of Hess for $53 billion. The wave of consolidation has also included Occidental buying CrownRock and Diamondback Energy acquiring Endeavor Energy Partners in multibillion-dollar cash-and-stock deals. Oil giants are flush with cash and printing bumper profits following years of elevated prices. They’re using those windfalls to snap up assets in the Permian basin — the oil field that has helped make the US the world’s top producer of oil and gas — and boost returns for shareholders even as pressure builds for them to invest more in renewable energy.
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Tess Coward, a 27-year-old PR professional based in New York City, woke up feeling under the weather on Wednesday. But without the ability to make phone calls or receive text messages, she couldn’t get in touch with her doctor or log into the provider’s patient portal.
The average 30-year fixed mortgage rate was 6.06% for the week ending January 15, according to Freddie Mac. The last time home borrowing rates were this low was September 2022.
Inside The Washington Post, the impact was immediate. Reporters called the search “incredibly disturbing” and unprecedented. Natanson met with Post lawyers and security experts, scrambled to line up her own outside legal counsel, and urged her colleagues to keep reporting.
Federal immigration agents have been circling El Burrito Mercado, a prominent Mexican supermarket and restaurant in St. Paul, Minnesota, for the last week.
The United States is considering whether to strike Iran as turmoil intensifies for the country’s authoritarian regime.
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President Donald Trump enacted a new 25% tariff on “certain advanced computing chips” on Wednesday, according to a White House fact sheet. That includes Nvidia’s H200 chip and AMD’s MI325X. However, chips imported to support building up the US technological supply chain would be exempt.
Verizon said some of its wireless services were down Wednesday, leaving many customers without access to voice and data services.
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