Deal Insight

ConocoPhillips buys Marathon for $22 billion

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COP’s track record of deal-making has been stellar. But a total consideration of US$22.5 is a 14% premium relative to our valuation and this is not a counter-cyclical deal unlike some in COP’s past. Closing the valuation gap will depend heavily on COP’s ability to deliver on promised synergies and the success of its planned refracture program – both are considered upsides to our valuation.

Table of contents

  • Upsides
  • Risks
  • Marathon Oil
  • ConocoPhillips

Tables and charts

This report includes 2 images and tables including:

  • EV/2024 EBTIDA vs. Enterprise Value
  • Base case Oil & Gas Price Modelling Assumptions

What's included

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  • Document

    ConocoPhillips buys Marathon for $22 billion

    XLS 163.00 KB

  • Document

    ConocoPhillips buys Marathon for $22 billion

    PDF 2.13 MB