Oil giant ConocoPhillips announced on Wednesday it is acquiring Marathon Oil in an all-stock deal valued at $17.1 billion, The Wall Street Journal reports.
The transaction is the latest major consolidation announced for the energy sector, which has seen an uptick in mergers and acquisition deals this year. Hess shareholders recently gave the green light to sell the company to Chevron for $53 billion and ExxonMobil closed its own $60 billion purchase of Pioneer Natural Resources earlier this month.
The deal also comes after five consecutive quarters of falling profits for Marathon Oil, founded in 1887 in Texas.
The transaction is expected to close in the fourth quarter, subject to approval from regulators and Marathon Oil stockholders.
