Marathon Oil has received approval from its stockholders for a proposed merger with
ConocoPhillips. This comes alongside an increase in ConocoPhillips's shares as short sellers view it as a favorable stock to buy at a 52-week low. However, the company has underperformed in the market in recent periods, experiencing a 12.6% fall in stock in three months, and notable fluctuations. The merger will see ConocoPhillips acquiring Marathon Oil for $22.5B, mergers and acquisitions of which the shareholders of Marathon Oil have approved of also.
Raptor Data has been appointed to undertake plug and abandonment work. Despite a downturn in Q2, ConocoPhillips is attracting investor attention, with firms including
Commonwealth Equity Services LLC and
Lee Danner and Bass Inc. buying shares. The balance sheet of the company is under scrutiny, but many analysts considers it as a cheap energy play. Despite a lawsuit from an investor of Marathon Oil looking to block the acquisition, the transaction is set to make ConocoPhillips one of the largest producers in the US Lower 48, with consecutive FTC requests.The company has demonstrated resilience with the stock rising while the market takes a dip and challenges such as the Biden's Arctic Drilling Ban are being addressed legally. Meanwhile, the firm continues to deliver benefits to its investors, with those who invested five years ago seeing an impressive 152% return and its strategic SWOT insight revealing potential growth.
Conocophillips COP News Analytics from Thu, 08 Feb 2024 08:00:00 GMT to Sun, 01 Sep 2024 13:05:02 GMT -
Rating -5
- Innovation 0
- Information 7
- Rumor -6
