Marathon Oil stock joins ConocoPhillips after USD 22.5 billion deal

Marathon Oil stock joined ConocoPhillips after the USD 22.5 billion acquisition closed in November 2024. As of September 23, 2026, the transaction defines Marathon Oil as a former independent producer rather than a standalone listed company.

Acquisition closed in November

ConocoPhillips states that it completed the acquisition of Marathon Oil Corporation in November 2024. The completion date marked the end of Marathon Oil's independent corporate structure.

The transaction followed ConocoPhillips' May 2024 announcement of a deal valued at USD 22.5 billion, according to Britannica. The two milestones were separated by six months, from the announcement in May to the closing in November.

What the deal changed

The acquisition transferred Marathon Oil's operating assets and corporate identity into ConocoPhillips. For investors, the key distinction is between historical Marathon Oil figures and the continuing financial reporting of ConocoPhillips after the transaction.

Marathon Oil therefore remains relevant as an acquisition reference, but its former stock story must be read through the successor company. The USD 22.5 billion valuation and the November 2024 closing date are the central markers for that transition.

Corporate status shapes the stock story

Marathon Oil's independent listing history ended with the completed transaction in November 2024. The company name now primarily identifies legacy assets, owner relations and vendor information connected with the acquired business.