Takeover is latest by a US conglomerate gambling on fossil fuel production as profits surge on rising energy prices
ConocoPhillips is to buy Marathon Oil in an all-stock deal valued at about $17.1bn as profits at big oil giants surge on rising energy prices.
It is the latest American energy conglomerate to place a vast bet on fossil fuel production. Oil giant ExxonMobil completed its $59.5bn acquisition of the shale group Pioneer Natural Resources earlier this month, and Chevron is vying to get its $53bn deal for the oil producer Hess Corporation across the line.
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