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On Thursday, ConocoPhillips (NYSE:COP) and Marathon Oil Corporation (NYSE:MRO) received a Second Request from the Federal Trade Commission (FTC) to extend the Hart-Scott-Rodino waiting period.
The merger will proceed after the FTC review and fulfillment of other conditions in the merger agreement.
ConocoPhillips and Marathon are working with the FTC on its review and expect the merger to be completed in the fourth quarter of 2024, pending regulatory approvals and Marathon stockholder approval.
In May, ConocoPhillips disclosed a definitive deal to acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion.
This acquisition is anticipated to add over 2 billion barrels of resource with an estimated average point forward cost of supply of less than $30 per barrel WTI to ConocoPhillips’ existing U.S. onshore portfolio.
Investors can gain exposure to COP via IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) and Westwood Salient Enhanced Energy Income ETF (NASDAQ:WEEI).
Investors can gain exposure to MRO via Invesco Energy Exploration & Production ETF (NYSE:PXE) and Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG).
Price Action: COP shares are down 0.62% at $113.28, and MRO is down 0.70% at $28.41 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by JHVEPhoto via Shutterstock
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