ConocoPhillips to Acquire Concho Resources

ConocoPhillips Acquires Marathon Oil Corporation

May 29, 2024

Energy

ConocoPhillips has acquired Marathon Oil Corporation in an all-stock transaction (0.2550 COP shares per Marathon share) with an enterprise value of $22.5 billion (including $5.4 billion of net debt). The deal, approved by Marathon shareholders and completed in November 2024, expands ConocoPhillips' U.S. Lower 48 portfolio, is immediately accretive, and is expected to deliver significant cost and capital synergies.

ExxonMobil Acquires Denbury Inc.

November 2, 2023

Energy

Exxon Mobil Corporation completed its all‑stock acquisition of Denbury Inc. in a transaction valued at $4.9 billion, with Denbury shareholders receiving 0.84 shares of ExxonMobil per Denbury share. The deal adds Denbury's ~1,300 miles of CO2 pipelines, onshore sequestration sites and Gulf Coast/Rockies oil and gas operations (over 200 million boe of proved reserves and roughly 46,000–47,000 boe/d of production), strengthening ExxonMobil's Low Carbon Solutions and CCS capabilities.

Chevron Acquires PDC Energy

August 7, 2023

Energy

Chevron Corporation completed its acquisition of PDC Energy, Inc. in an all‑stock transaction valued at $6.3 billion (approximately $7.6 billion enterprise value), adding significant oil and gas assets in the Denver‑Julesburg (DJ) Basin and the Permian Basin. The deal, approved by PDC shareholders and closed in August 2023, is expected to be accretive to Chevron's earnings, increase proved reserves and deliver operational synergies.

Chevron Acquires Hess Corporation

October 23, 2023

Energy

Chevron Corporation completed its acquisition of Hess Corporation in an all-stock transaction valued at approximately $53 billion (roughly $60 billion enterprise value). The deal gives Chevron a 30% stake in the Guyana Stabroek Block and adds substantial Bakken, Gulf of Mexico and Southeast Asia production, and was closed after a favorable arbitration outcome and regulatory approvals. Hess shareholders received 1.0250 shares of Chevron per Hess share as part of the transaction.

Pioneer Natural Resources Acquires Parsley Energy

October 19, 2020

Oil & Gas

Pioneer Natural Resources will acquire all outstanding shares of Parsley Energy in an all-stock transaction valued at approximately $4.5 billion (approximately $7.6 billion including assumed debt). The deal, which offers Parsley shareholders 0.1252 shares of Pioneer per Parsley share, is expected to deliver about $325 million of annual synergies and expand Pioneer's scale and asset base in the Permian Basin; closing is subject to customary approvals.

APA Corporation Acquires Callon Petroleum Company

January 4, 2024

Energy

APA Corporation agreed to acquire Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion (including Callon's net debt). The deal combines APA's Midland-focused assets with Callon's Delaware-focused footprint to scale operations in the Permian Basin, is expected to be accretive to key metrics, and targets annual synergies exceeding $150 million.