ConocoPhillips Buying Marathon Oil

(AP) – ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices soar and big oil companies reap massive profits. The deal announced Wednesday is valued at $22.5 billion when including $5.4 billion in debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own. ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.