ConocoPhillips announced the completion of its acquisition of Marathon Oil Corporation in an all-stock transaction valued at US$22.5 billion, including US$5.4 billion of net debt.

While both are U.S.-based companies, this deal has implications for Canadian oil sands operations previously owned by Marathon Oil.

Marathon Oil shareholders received 0.255 shares of ConocoPhillips common stock for each share of Marathon Oil common stock they owned.

Wachtell, Lipton, Rosen & Katz advised ConocoPhillips with a team led by corporate partners Gregory Ostling and Zachary Podolsky.

Kirkland & Ellis represented Marathon Oil with a team led by corporate partners Sean Wheeler, Debbie Yee, and Camille Walker.