ConocoPhillips and Marathon Oil announced on May 29th that they have reached a final agreement. According to the agreement, ConocoPhillips will acquire Marathon Oil through an all stock transaction, with a corporate value of $22.5 billion, including $5.4 billion in net debt. According to the terms of the agreement, shareholders of Marathon Oil Company will receive 0.2550 shares of ConocoPhillips common stock for each share they hold of Marathon Oil Company common stock. After the transaction is completed, assuming the commodity prices remain at recent levels, ConocoPhillips plans to repurchase over $7 billion in stocks in the first full year and over $20 billion in stocks in the first three years.