ConocoPhillips completed the acquisition of Marathon Oil for $22.5bn.

ConocoPhillips, a provider of oil exploration and production services, completed the acquisition of Marathon Oil, an independent oil and gas exploration and production company, for $22.5bn. “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework. Marathon Oil adds high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position. We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1bn on a run rate basis in the next 12 months,” Ryan Lance, ConocoPhillips Chairman and CEO.