Close
MyNorthwest
News
Opinion
Sports
Tools
Connect

NATIONAL NEWS

ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debt

May 29, 2024, 4:22 AM | Updated: 4:38 am

Associated Press's Profile Picture

BY ASSOCIATED PRESS


ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion.

The deal is valued at $22.5 billion when including $5.4 billion in debt.

Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week.

As part of the transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.

ConocoPhillips said Wednesday that the transaction will add highly complementary acreage to its existing U.S. onshore portfolio.

The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.

Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter.

National News

Associated Press

Minneapolis police officer dies in ambush shooting that killed 2 others including suspected gunman

MINNEAPOLIS (AP) — A Minneapolis police officer was killed Thursday when he responded to a shooting call and was providing medical attention to a man who shot him in what authorities are calling an ambush, authorities said. The suspected gunman and another person were also killed in the shooting, which left a third person gravely […]

5 hours ago

Associated Press

UN extends arms embargo on South Sudan despite appeals from African Union, Russia and China

UNITED NATIONS (AP) — The divided U.N. Security Council voted Thursday to extend an arms embargo on South Sudan despite appeals from the world’s newest nation, the African Union and half a dozen countries including Russia and China to lift or at least ease the restrictive measure. The U.S.-sponsored resolution got the minimum nine “yes” […]

6 hours ago

Associated Press

Boeing firefighters ratify a contract with big raises, which they say will end a three-week lockout

Boeing firefighters ratified a new contract with major pay increases and expect to return to work this weekend after a lockout that has lasted more than three weeks, their union said Thursday. The deal covers about 125 fire and emergency-service workers in the Seattle area, who were locked out by Boeing when their previous contract […]

6 hours ago

Associated Press

Here’s what you should know about Donald Trump’s conviction in his hush money trial

NEW YORK (AP) — Donald Trump’s conviction on 34 felony counts marks the end of the former president’s historic hush money trial, but the fight over the case is far from over. Now comes the sentencing and the potential for a prison sentence. A lengthy appellate process. And all the while, the presumptive Republican presidential […]

7 hours ago

Associated Press

The Latest | Trump becomes first former US president to be convicted of felonies

NEW YORK (AP) — Former President Donald Trump on Thursday was found guilty on all 34 felony counts in his criminal hush money trial. It was the first time a former U.S. president was ever tried or convicted in a criminal case, and was the first of Trump’s four indictments to reach trial. Prosecutors accused […]

7 hours ago

Associated Press

New Hampshire refuses to reinstate license of trucker acquitted in deadly crash

CONCORD, N.H. (AP) — New Hampshire safety officials on Thursday upheld the license suspension of a commercial truck driver who was acquitted in the 2019 deaths of seven motorcyclists but said another hearing will be held to determine how long the suspension will last. A jury in 2022 found Volodymyr Zhukovskyy not guilty of multiple […]

9 hours ago

ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debt