ConocoPhillips-Marathon merger talks raise concerns amid wave of big oil consolidation

The Make Polluters Pay Campaign expressed concern today about the potential acquisition of Marathon Oil Corp. by ConocoPhillips, warning that the deal could further consolidate the oil industry's power at a time when a rapid transition to clean energy is urgently needed.

The merger talks come amid a wave of megadeals in the oil and gas industry, including Exxon's recent $64.5 billion acquisition of Pioneer Natural Resources and Chevron's ongoing bid to acquire Hess for $50 billion. If completed, the ConocoPhillips-Marathon tie-up would create another fossil fuel giant with significant influence over energy markets and policy.

"As oil and gas companies continue to merge and acquire one another, it raises serious questions about the industry's commitment to reducing emissions and transitioning to cleaner forms of energy," said Cassidy DiPaola, Communications Director for the Make Polluters Pay Campaign. "These deals, worth tens of billions of dollars, suggest that major players are still betting heavily on a future dominated by fossil fuels."

The recently approved Exxon-Pioneer merger faced FTC scrutiny after a complaint revealed that Pioneer's former CEO, Scott Sheffield, had attempted to privately coordinate with OPEC officials to cut oil production and raise prices.

"As we saw with the Pioneer case, oil executives have shown a willingness to collude behind the scenes in ways that harm consumers and undermine fair competition," DiPaola said. "Regulators and lawmakers must take a hard look at whether further consolidation is in the public interest, particularly given the urgency of the climate crisis."

The Make Polluters Pay Campaign is calling for strengthened oversight of mergers and acquisitions in the oil and gas industry, as well as policies to accelerate the transition to clean energy and hold polluters accountable for the damages they have caused.

"At a time when we need to be rapidly phasing out fossil fuels, we cannot afford to let Big Oil become even bigger and more powerful," DiPaola said. "Policymakers must act to protect consumers, safeguard fair competition, and ensure that the transition to a clean energy future is not derailed by corporate consolidation."