(NEWSnet/AP) — ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion.

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

Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. 

Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds.

In July of last year, Exxon Mobil said that it would pay $4.9 billion for Denbury Resources. Three months later, Exxon announced the proposed acquisition of shale operator Pioneer Natural Resources for $60 billion.

Federal Trade Commission, which enforces federal antitrust law, asked for additional information from Exxon and Pioneer about their proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January.

As part of the ConocoPhillips transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.

ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.

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

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