The ConocoPhillips-Marathon deal is the latest in a string of mergers in the U.S. oil and gas industry, where companies are looking to bolster reserves and create economies of scale.

In a joint statement, ConocoPhillips (NYSE: COP) and Marathon Oil Corporation (NYSE: MRO) announced that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire ...

ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.

The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year.

ConocoPhillips is making its second massive acquisition in four years as consolidation sweeps the oil patch.

Big Oil keeps doing big deals. ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt.

The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year.

ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices soar and big oil companies reap massive profits.