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ConocoPhillips is buying Marathon Oil for $17.1 billion, continuing a pattern of consolidation in the energy industry since the pandemic ended.

The all-stock deal is valued at $22.5 billion when including $5.4 billion in debt.

“This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” ConocoPhillips CEO Ryan Lance said in a statement. 

The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.

Energy companies spent $234 billion in merging with or buying competitors in 2023, the highest figure in more than a decade, according to the U.S. Energy Information Administration. 

In another recent deal, federal regulators earlier this month approved Exxon Mobil’s roughly $60 billion purchase of Pioneer Natural Resources.