The Marathon Oil Acquisition — A $22.5 Billion Deal That Reshaped the Company

On November 22, 2024, ConocoPhillips closed the all-stock acquisition of Marathon Oil for an enterprise value of $22.5 billion. By mid-2025, the company had already exceeded the original $500 million synergy target, hitting more than $1 billion in run-rate savings — double the original promise. This module unpacks why this deal matters strategically, what it added to the portfolio, and how it shows up in interview questions about transformation, integration, and operating discipline.