06:40 AM EDT, 05/29/2024 (MT Newswires) -- ConocoPhillips ( COP ) is in advanced discussions to acquire Marathon Oil ( MRO ) in an all-stock deal, valuing the latter at over $15 billion, the Financial Times reported on Wednesday, citing unnamed people briefed on the matter.

A deal seemed imminent late Tuesday but risks remain, including the potential for rival bids, FT said. Meanwhile, Bloomberg reported that an announcement could come as soon as Wednesday morning.

ConocoPhillips ( COP ), which has a market cap of about $139 billion, has been competing with Devon Energy to buy Marathon, sources told FT.

ConocoPhillips ( COP ) and Marathon Oil ( MRO ) did not immediately respond to MT Newswires' requests for comment.

Shares of Marathon Oil ( MRO ) gained more than 6% in recent premarket trading activity on Wednesday, while ConocoPhillips ( COP ) retreated slightly.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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