M&A · Energy · Crude Petroleum & Natural Gas
ConocoPhillips to acquire Marathon Oil Corp
Announced May 29, 2024 · Closed Nov 22, 2024
Deal value$22.50BEV $22.50B
Premium14.7%To unaffected price
EV / Adj. EBITDA5.2x3.4x EV / Revenue
ConsiderationAll stock$30.33 per share
Transaction
- Acquirer
- ConocoPhillips (COP)
- Target
- Marathon Oil Corp (MRO)
- Buyer type
- Strategic
- Offer price per share
- $30.33
- Enterprise value
- $22.50B
- Status
- Closed Nov 22, 2024
Deal protections
- Break fee (target pays)
- $557M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Evercore
- To the target
- Morgan Stanley
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 14.7% vs. 18.7% sector median
- EV / Adj. EBITDA
- 5.2x vs. 7.9x sector median
- Break fee
- 2.5% vs. 2.9% sector median
Timeline
- AnnouncedMay 29, 2024
- Proxy filedJul 29, 2024
- Definitive proxyJul 29, 2024
- Shareholder voteAug 29, 2024
- ClosedNov 22, 2024
Valuation · fairness opinions
Discounted cash flow$26.50$34.00
Trading comparables$22.75$30.75
Trading comparables$19.75$28.25
Precedent transactions$21.75$37.25
Offer $30.33
Implied value per Marathon Oil Corp share by analysis, from Morgan Stanley.