ConocoPhillips Acquires Marathon Oil Corporation

ConocoPhillips to Acquire Concho Resources

October 19, 2020

Oil & Gas

ConocoPhillips agreed to acquire Concho Resources in an all-stock transaction valued at $9.7 billion, exchanging each Concho share for 1.46 shares of ConocoPhillips. The combination creates a larger independent oil and gas company with expanded Permian Basin scale, expected cost and capital synergies of $500 million annually and an enhanced low-cost resource base.

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.

Brookfield Acquires Colonial Enterprises (Colonial Pipeline)

July 31, 2025

Energy

Brookfield Infrastructure Partners, through its subsidiary Colossus AcquireCo LLC and institutional partners, completed the purchase of Colonial Enterprises Inc. from a consortium of owners for an enterprise value of about $9 billion. The deal gives Brookfield sole ownership of the Colonial Pipeline system — the largest refined-products pipeline in the U.S. — and was completed with sellers including Shell Midstream Operating LLC, Koch Capital, KKR-Keats, La Caisse and IFM Investors.

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.

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.

Phillips 66 Acquires Phillips 66 Partners

March 9, 2022

Energy

Phillips 66 completed the previously announced merger to acquire all limited partnership interests of Phillips 66 Partners (PSXP), with partnership unitholders receiving 0.50 shares of PSX common stock for each PSXP unit. As a result, PSXP units ceased public trading effective March 9, 2022, and Phillips 66 consolidated ownership of the midstream assets to simplify its corporate structure and capture synergies.