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1. ConocoPhillips’ Takeover of Marathon Oil Creates 3rd Largest US Producer

- ConocoPhillips agreed to purchase Marathon Oil in an all-stock transaction valued at $22.5 billion, a deal that would lift the US upstream firm’s production to 2.3 million boe/d, up by almost 400,000 boe/d.

- The transaction will make ConocoPhillips the third largest US producer in the Lower 48, only behind ExxonMobil and Chevron/Hess, whilst surpassing TotalEnergies and BP.

- ConocoPhillips will become the largest producer in Eagle Ford, with Marathon’s average well performance surpassing its own productivity, simultaneously moving into the top 3 of Bakken operators.

- Conoco is seeking to convince shareholders by lifting its base dividend by $0.20 per share, equivalent to a 34% hike, with annual synergies between the two companies expected to reach $500 million.

2. OPEC+ Eyes Rollover of Production Cuts as It Woos New Members

- As OPEC+ meets again on June 2 in Vienna, with the oil markets expecting a rollover of existing production targets into the second half of 2024, members will once again scrutinize the oil group members’ compliance with their voluntary production targets.

- The revamping of African production targets has been a key part of the previous OPEC+ meeting in December 2023, prompting Angola to leave OPEC after a 16-year-long membership.

- However, since then none of the OPEC+ African member countries have seen their production…





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