ConocoPhillips looks beyond the Permian
Marathon deal indicative of a maturing shale industry amid greater consolidation and fewer acquisition targets
Superindie ConocoPhillips’ recently announced deal to buy Marathon Oil for $22.5b represents a shift in shale deal-making from a focus on a single basin—the Permian—to a major acquisition of a multi-basin operator. The deal is indicative of a maturing shale industry in which consolidation is ongoing and acreage is increasingly concentrated in the hands of a few major players. These players are looking for the best options available to them in terms of buying up remaining acreage. Others could follow ConocoPhillips’ lead in looking beyond the Permian, but the opportunities to do this are also relatively limited. Multi-basin deal ConocoPhillips’ acquisition of Marathon will add more than 2b bl
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
