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ConocoPhillips (NYSE: COP) has announced exchange offers for up to $4 billion in Marathon Oil debt securities following its acquisition of Marathon. The exchange offers allow eligible holders to swap Marathon's outstanding notes for new notes issued by ConocoPhillips Company and guaranteed by ConocoPhillips. Six series of existing Marathon notes are eligible for exchange, with holders who tender by the Early Tender Date (Dec. 9, 2024) receiving $1,000 principal amount of new notes per $1,000 of existing notes, while those tendering after will receive $950 principal amount. The exchange offers are accompanied by consent solicitations to modify certain covenants in the existing notes' indentures.
ConocoPhillips (NYSE: COP) has completed its acquisition of Marathon Oil . The transaction converts each Marathon Oil share into 0.255 shares of ConocoPhillips common stock. The acquisition enhances ConocoPhillips' U.S. unconventional portfolio with high-quality, low-cost inventory. The company expects to achieve synergies exceeding $1 billion on a run rate basis within 12 months. ConocoPhillips currently operates in 13 countries with $97 billion in total assets and approximately 10,300 employees, producing an average of 1,921 MBOED for the nine months ended Sept. 30, 2024.
Marathon Oil (NYSE: MRO) reported Q3 2024 net income of $287 million ($0.51 per share), with adjusted net income at $360 million ($0.64 per share). Net operating cash flow reached $1,209 million. The company achieved strong production results with 207,000 net bopd and 421,000 net boed, exceeding guidance. Production guidance for 2024 was raised to 192,000 net bopd and 393,000 net boed while maintaining original capital spending targets. The quarter saw $61 million returned to shareholders through dividends and a $545 million gross debt reduction. U.S. operations averaged 379,000 net boed, with significant production increases across key assets.
Marathon Oil (NYSE: MRO) has announced a quarterly dividend declaration of 11 cents per share on its common stock. The dividend will be paid on December 10, 2024, to shareholders who are recorded as stockholders as of November 15, 2024.
Marathon Oil (NYSE: MRO) has announced it will release its third quarter 2024 earnings on Wednesday, November 6, after U.S. financial markets close. The company noted that due to its pending merger with ConocoPhillips, it will not hold a quarterly earnings conference call or webcast for this period.
Marathon Oil (NYSE: MRO) has received stockholder approval for its proposed merger with ConocoPhillips (NYSE: COP). The company will file the vote results from the special stockholder meeting in a Form 8-K with the SEC. Both companies anticipate the transaction to close in late Q4 2024, pending regulatory clearance and other customary closing conditions. This merger marks a significant development in the oil and gas industry, potentially creating a more robust entity with enhanced market presence and operational capabilities.
Marathon Oil (NYSE: MRO) reported second quarter 2024 net income of $349 million or $0.62 per diluted share. Adjusted net income was $357 million or $0.63 per diluted share. Net operating cash flow reached $1,088 million. Key highlights include:
- Free cash flow of $442 million
- Total return of capital to shareholders of $294 million
- Production increase to 191,000 net bopd and 393,000 net boed
- U.S. production averaged 351,000 net boed
- Equatorial Guinea production averaged 42,000 net boed
The company maintained its full-year 2024 production and capital expenditure guidance. Marathon Oil discontinued its share repurchase program due to the pending merger with ConocoPhillips.
Marathon Oil (NYSE: MRO) has announced a dividend declaration for the second quarter of 2024. The company's board of directors has approved a dividend of 11 cents per share on Marathon Oil common stock. This dividend will be payable on September 10, 2024, to stockholders of record as of August 21, 2024. The announcement demonstrates Marathon Oil's commitment to returning value to its shareholders through regular dividend payments.
Marathon Oil (NYSE: MRO) has announced the schedule for its second quarter 2024 earnings release. The company plans to issue the report on Wednesday, August 7, 2024, after the close of U.S. financial markets. Notably, Marathon Oil will not conduct a second quarter earnings conference call or webcast due to the pending merger with ConocoPhillips. This decision marks a departure from the typical earnings release process, likely influenced by the ongoing merger proceedings.
ConocoPhillips (NYSE: COP) announced its acquisition of Marathon Oil (NYSE: MRO) in an all-stock deal valued at $22.5 billion, including $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips stock per share, representing a 14.7% premium to Marathon Oil's closing price on May 28, 2024. The transaction is expected to close in Q4 2024, delivering $500 million in cost and capital savings within the first year. ConocoPhillips plans a 34% increase in its base dividend to 78 cents per share in Q4 2024. It also projects over $20 billion in share buybacks within three years, with $7 billion in the first year. The acquisition is set to enhance ConocoPhillips' U.S. portfolio by adding over 2 billion barrels with a supply cost of less than $30 per barrel WTI.
