Big Oil’s Latest Megadeal Shows Industry’s US Premium
ConocoPhillips is heading for a market value of more than $150 billion, dwarfing BP.
ConocoPhillips’ headquarters in Houston.
Photographer: Bloomberg
Welcome to our guide to the energy and commodities markets powering the global economy. Today, Senior Executive Editor Will Kennedy and Senior Reporter Kevin Crowley assess the continuing wave of M&A among America’s oil majors — and their growing dominance over European rivals. To get this newsletter in your inbox, sign up here.
ConocoPhillips’ $17 billion deal for Marathon Oil Corp. fits neatly into the trend of consolidation in US oil, but it also provides a lens to survey the shifting balance of power in the global industry.