May 29 (Reuters) – ConocoPhillips (COP.N), opens new tab on Wednesday agreed to buy Marathon Oil (MRO.N), opens new tab in a $22.5 billion deal, the latest in a series of mega-mergers in the oil and gas industry as companies look to bolster reserves.
The U.S. oil and gas industry has been riding a consolidation wave over the last two years. Last year was one of the most active, where M&A deals worth $250 billion were struck. The momentum has carried over into this year as the stock market continues to boom and as U.S. oil production scales new records.
Source: REUTER
