ConocoPhillips (COP) merger with Marathon Oil (MRO) - November 2024

ConocoPhillips completed its merger with Marathon Oil on 11/22/2024. Marathon shareholders received 0.255 shares of ConocoPhillips stock for each MRO share.

The ConocoPhillips Form S-4 SEC filing for this merger can be found through the SEC EDGAR web site at: https://www.sec.gov/Archives/edgar/data/1163165/000110465924074456/tm2416360-3_s4.htm

 

Resolution: The companies received an opinion from a law firm that the merger qualifies as a non-taxable reorganization. We will assume the IRS does not dispute this opinion and will treat this merger as a simple merger. The information below is based on the information available from a form S-4 filed with the SEC. Price information is from websites offering historical prices.

NOTE: The companies state they will endeavor to satisfy the conditions necessary to make this transaction non-taxable and may get legal advice that the transaction qualifies for non-taxable treatment. However, there is the possibility the IRS will disagree with their characterization. These instructions assume the companies succeed in their efforts. New instructions will be written, if and when it becomes known the merger should be treated as a taxable event.

 

The Merger Entry Go to Accounting > Securities > Record merger of securities in myICLUB. If you are unfamiliar with merger transactions you can get help at this URL: https://www.myiclub.com/faq/article.aspx?id=52

 

Here is the information needed to complete the merger entry in myICLUB.

Step 1

  • Date: 11/22/2024
  • Merging Company: Marathon Oil (MRO)
  • Number of daughter companies : 1 (keep this default)

Step 2

  • Symbol of new company: COP (ConocoPhillips)
  • Shares received : 0.255 x (# of MRO shares owned).
    • (Remember to include fractional shares.)
    • For example, if you owned 100 MRO shares, you should receive 0.255 x 100 = 25.5 COP shares.
  • Price per share: 111.75   (Closing price on 11/22/2024)
  • Cash received:  See your broker statement for cash-in-lieu
    • Any fractional share entered will be sold for the cash amount entered as part of the merger transaction. No need to enter a separate sell transaction. If no cash amount is entered, the fractional share will remain in your portfolio.

Save the transaction and the merger has been entered.