ConocoPhillips Acquires Marathon Oil Corporation in All-Stock $22.5 Billion Deal

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.

Chevron Acquires PDC Energy in $6.3 Billion All-Stock Transaction

August 7, 2023

Oil & Gas

Chevron Corporation agreed to acquire all outstanding shares of PDC Energy, Inc. in an all-stock transaction valued at $6.3 billion. The deal adds PDC’s oil and gas assets—275,000 net acres in the Denver-Julesburg (DJ) Basin and 25,000 net acres in the Permian Basin—to strengthen Chevron’s position in key U.S. production basins. Chevron later announced the acquisition was completed after PDC shareholder approval.

Chevron Acquires Hess in $53B All-Stock Transaction

October 23, 2023

Energy

Chevron entered into a definitive agreement to acquire Hess in an all-stock transaction valued at about $53 billion (enterprise value $60 billion). The deal closed in 2025 after the resolution of all required closing conditions, including a favorable arbitration outcome tied to Hess’ offshore Guyana assets.

Phillips 66 Acquires Remaining Public Units of Phillips 66 Partners

March 9, 2022

Energy

Phillips 66 entered into and later completed an all-stock transaction to acquire all publicly held common units of Phillips 66 Partners not already owned by Phillips 66 and its affiliates. The deal resulted in Phillips 66 owning Phillips 66 Partners outright and ending its publicly traded partnership status effective March 9, 2022.

APA Corporation to Acquire Callon Petroleum in an All-Stock $4.5 Billion Deal

January 4, 2024

Oil & Gas

APA Corporation entered into a definitive agreement to acquire Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. The deal is expected to be accretive to key financial metrics and expand APA’s Permian Basin footprint by combining Callon’s Delaware-focused assets with APA’s Midland assets.