07:20 AM EDT, 05/29/2024 (MT Newswires) -- ConocoPhillips ( COP ) will acquire Marathon Oil ( MRO ) in an all-stock deal with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt, the companies announced Wednesday.

Under the terms of the deal, Marathon shareholders will receive 0.2550 shares of ConocoPhillips ( COP ) common stock for each share of Marathon common stock, representing a 14.7% premium to the closing share price of Marathon on May 28, according to a press release.

The transaction is expected to close in Q4, subject to the approval of Marathon shareholders, regulatory clearance and other customary closing conditions.

Shares of ConocoPhillips ( COP ) declined more than 3% in recent premarket trading, while Marathon added more than 7%.

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