May 28 Reuters ConocoPhillips is in advanced talks to buy Marathon Oil in an allstock deal that could value the Houstonbased company at a little over its 15 billion market value, the Financial Times reported on Wednesday citing people briefed on the matter.

Although a deal seemed to be imminent late on Tuesday night, there was still a risk of negotiations falling apart or that a rival bidder would gatecrash Conoco39;s takeover plan, the report added.

Marathon Oil and ConocoPhillips did not immediately respond to Reuters requests for comments.

The U.S. oil and gas industry went on a 250 billion buying spree in 2023 and the consolidation wave has continued into 2024.

Earlier this month, U.S. regulators gave the goahead to Exxon Mobil39;s 60 billion purchase of Pioneer Natural Resources, but barred Pioneer39;s former CEO from Exxon39;s board on allegations he attempted to collude with OPEC to raise oil prices.

Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Savio D39;Souza and Nivedita Bhattacharjee

Source Reuters