Marathon Oil Corp

MRO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$64.00	Zwbr	Llwfkzr

Marathon Oil: Conoco’s Proposed Acquisition Appears To Be a Win for Marathon Shareholders

Joshua Aguilar ,

May 29, 2024

ConocoPhillips announced an all-stock acquisition of Marathon Oil, which its management expects to close by the end of the year. The transaction would see 0.255 shares of ConocoPhillips exchanged for every 1 share of Marathon Oil, roughly corresponding to an offer of $29 per share of Marathon, or a 22% premium to our fair value. We assign a 100% probability that the deal will close, and therefore raise our Marathon fair value estimate to $29 from $24.

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