12:25 PM EDT, 05/29/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first and fourth paragraphs.)

Shares of Marathon Oil ( MRO ) were up 8% in recent Wednesday trading after it agreed to be acquired by ConocoPhillips ( COP ) 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 nearly 4% in recent Wednesday trading.

Price: 114.49, Change: -4.47, Percent Change: -3.76