Analysts at Wood Mackenzie said last week the $22.5 billion recently-announced acquisition of Marathon Oil by ConocoPhillips could make the company the third largest producer in the U.S. lower 48 behind ExxonMobil and Chevron/Hess.  Alex Beeker, research director, said May 30, “The addition of Marathon further solidifies ConocoPhillips in a league of its own with few true peers.  For ConocoPhillips this is a diversified and balanced move across multiple geographies.”

Upon the addition of Marathon’s 390,000 boed, ConocoPhillips will produce 2.3 million boed – including 1.5 million boed from U.S. lower 48.

Beeker added, “Marathon provides ConocoPhillips with optionality and assets that immediately compete for capital.  Marathon’s average well performance in Bakken and Delaware over the past two years has exceeded ConocoPhillips.”

ConocoPhillips’ acquisition of Marathon assets in Permian, Eagle Ford and Bakken was announced May 29.

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