ConocoPhillips to Acquire Concho Resources

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

May 29, 2024

Energy

ConocoPhillips will acquire Marathon Oil Corporation in an all-stock transaction valued at $22.5 billion, including $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each Marathon share.

ExxonMobil Merges With Pioneer Natural Resources in a $59.5 Billion Deal

October 12, 2023

Oil & Gas

ExxonMobil and Pioneer Natural Resources announced a merger valued at $59.5 billion. The combination brings together Pioneer’s contiguous Midland Basin acreage with ExxonMobil’s Delaware and Midland Basin portfolio to strengthen U.S. unconventional scale and increase Permian production potential.

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.

Chesapeake Energy to Merge With Southwestern Energy in $7.4B Deal (Expand Energy)

September 26, 2024

Energy

Chesapeake Energy Corporation and Southwestern Energy Company have agreed to merge in an all-stock transaction valued at about $7.4 billion. The combined company will be rebranded as Expand Energy, headquartered in Oklahoma City, and is expected to close in the first week of October (following HSR expiration) per Source 1.