Wachtell, Lipton, Rosen & Katz has taken the lead in advising ConocoPhillips on its substantial agreement to acquire Marathon Oil Corporation for approximately $17 billion. This deal, executed as an all-stock transaction, marks the latest significant move in the energy sector, with major oil and gas operators continuing to consolidate and expand their footprints.
Guiding Marathon Oil through this acquisition were legal minds from Kirkland & Ellis, with the deal underscoring the invaluable role of corporate law practice in facilitating such large-scale transactions. Spearheading the advisory team from Wachtell were corporate partners Gregory Ostling, Zachary Podolsky, and Ahsan Barkatullah. The team also received vital contributions from other Wachtell partners across antitrust, executive compensation, finance, and tax disciplines.
Wachtell’s expertise in managing major transactions is well established. The firm had previously advised ConocoPhillips on its $13 billion acquisition of Concho Resources. Additionally, they were instrumental in Hess Corporation’s $53 billion sale to Chevron Corporation, one of the largest deals of 2023.
On the Kirkland side, the team was co-led by Texas-based corporate partners Sean Wheeler, Debbie Yee, and Camille Walker, who have a rich history of facilitating energy deals. Notable recent transactions involving this team included ONEOK Inc.’s $18.8 billion acquisition of Magellan Midstream Partners LP and Energy Transfer’s $7.1 billion acquisition of Crestwood Equity Partners.
This latest deal adds to a series of significant mergers and acquisitions within the energy sector, highlighted by Chevron’s acquisition of Hess and ExxonMobil’s $59.5 billion purchase of Pioneer Natural Resources last year. These transactions have significantly boosted M&A deal activity, illustrating the ongoing consolidation trend within the industry.
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