$22.5 billion ConocoPhillps-Marathon Oil merger potentially delayed following second FTC request

(WO) – According to Reuters, ConocoPhillips received a second information request from the U.S. Federal Trade Commission (FTC) regarding its proposed acquisition of Marathon Oil. Both companies received the requests on July 11 and are collaborating with the FTC to review the merger.

In May, ConocoPhillips announced a $22.5 billion stock deal to acquire Marathon Oil, aiming to enhance oil and gas production and develop U.S. shale fields and liquefied natural gas projects.

The merger follows several other major deals in the industry, including ExxonMobil's $60 billion acquisition of Pioneer Natural Resources and Chevron's proposed $53 billion merger with Hess. The FTC has also requested information in the Chevron-Hess deal, potentially delaying the deal until 2025.

The FTC's additional information request is expected to delay the deal's closure, initially estimated for the fourth quarter of this year. The merger would result in a combined company producing 2.26 MMbpd, adding 1.32 Bbbl of proved reserves to ConocoPhillips' existing 6.8 Bbbl.

This story was originally reported by Reuters.