Marathon Oil receives stockholder approval for $22.5 billion ConocoPhillips merger
(WO) – On Thursday, Aug. 29, Marathon Oil Corporation announced it received the necessary stockholder approval for its pending merger with ConocoPhillips.
Marathon Oil will file the vote results of the special stockholder meeting in a Form 8-K with the U.S. Securities and Exchange Commission. The companies to expect the transaction to close late in the fourth quarter of 2024.
Marathon Oil and ConocoPhillips announced the $22.5 billion merger in May. The deal was attractive to ConocoPhillips because it adds “high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” according to Ryan Lance, ConocoPhillips chairman and chief executive officer. The acquisition will add over 2 Bbbl of resources to its existing onshore U.S. portfolio.
