ConocoPhillips has completed its acquisition of Marathon Oil Corporation with an aim to realize $1B in synergies. Stockholder approval was received for the merger with ConocoPhillips. Despite delisting following the sale, Marathon Oil exhibited strong performances, exceeding third-quarter earnings expectations and its stock ascended while the market fell. The corporation declared its second quarter 2024 dividend and beat Q3 earnings estimates even as oil prices dropped. While Marathon Oil stocks dropped 0.7% since the last earnings report, the cash flow surged, beating Q3 guidance and raising the 2024 production outlook. It was dropped from the S&P 500 while its stock was on the rise due to the acquisition. Marathon Oil's decision to boost its dividend by 34% and plans to buy back $20 billion of its stock suggests confidence in its financial position. Downsides include the major layoffs sparked by the $22.5B deal and its stock's overall underperformance compared to the Nasdaq.
Marathon Oil Stocks MRO News Analytics from Wed, 31 Jan 2024 08:00:00 GMT to Sat, 30 Nov 2024 20:39:47 GMT -
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- Innovation 3
- Information 7
- Rumor -5
