Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
(Reuters) — Marathon Oil Corp., which is being acquired by larger rival ConocoPhillips, this week said it would lay off more than 500 workers in Texas, according to a filing with the Texas Workforce Commission.
The $22.5 billion deal, announced in May, received approval from Marathon Oil shareholders but is awaiting regulatory clearance from the Federal Trade Commission.
RELATED: ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
The Houston-based oil and gas producer had 1,681 full-time employees at the end of 2023, according to an annual filing. A spokesperson for Marathon Oil did not immediately respond to a request for comment.
Marathon anticipates its merger with ConocoPhillips to close in the fourth quarter of 2024, it said in its layoff notice.
The company expects over 500 employees at its Houston office to likely experience employment loss during the 12-month period following the closing of the merger, it said in the filing.
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