ConocoPhillips' Marathon Deal: Analyst Sees Short-Term Pain, Long-Term Gain
ConocoPhillips' Marathon Deal: Analyst Sees Short-Term Pain, Long-Term Gain
Roth MKM analyst Leo Mariani expects ConocoPhillips (NYSE:COP) to have a negative reaction compared to its peers today following its deal to acquire Marathon Oil Corporation (NYSE:MRO) in an all-stock transaction with an enterprise value of $22.5 billion.
罗斯MKM分析师利奥·马里亚尼预计，康菲石油公司（纽约证券交易所代码：COP）在交易以企业价值为225亿美元的全股交易收购马拉松石油公司（纽约证券交易所代码：MRO）后，与今天的同行相比将产生负面反应。
As per the agreement, Marathon Oil shareholders will receive 0.2550 ConocoPhillips shares for each share of Marathon Oil they hold.
根据协议，马拉松石油股东每持有马拉松石油公司股份将获得0.2550股康菲石油公司股票。
The buyout is expected to be immediately accretive to ConocoPhillips on earnings, cash from operations, free cash flow, and return of capital per share to shareholders as well as MRO has less than a $30 per bbl WTI cost of supply.
预计此次收购将立即增加康菲石油公司的收益、运营现金、自由现金流和向股东的每股资本回报率，以及MRO的WTI供应成本低于每桶30美元。
The analyst is dubious on this last point noting that MRO's assets in the Eagle Ford, Bakken and Mid-Continent are quite a bit higher cost.
分析师对最后一点持怀疑态度，他指出，MRO在鹰福特、巴肯和中大陆的资产成本要高得多。
Overall, the analyst remains Buy rated with a $144 price target due to COP's strong balance sheet, internationally diversified asset base, lower base production declines compared to peers, consistent low-single-digit production growth, and strong returns of capital to shareholders.
总体而言，由于COP强劲的资产负债表，国际多元化的资产基础，基础产量低于同行，持续的低个位数产量增长以及强劲的股东资本回报率，分析师仍将评级为买入，目标股价为144美元。
Mariani estimates EPS of $9.25 for FY24 and $10.14 for FY25.
马里亚尼估计，24财年的每股收益为9.25美元，25财年的每股收益为10.14美元。
Investors can gain exposure to COP via IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) and and Westwood Salient Enhanced Energy Income ETF (NASDAQ:WEEI).
投资者可以通过iShares美国石油与天然气勘探与生产ETF（BATS: IEO）和Westwood Salient增强能源收益ETF（纳斯达克股票代码：WEEI）获得COP敞口。
Price Action: COP shares are down 4.19% at $113.98 at the last check Wednesday.
价格走势：在周三的最后一次检查中，COP股价下跌4.19％，至113.98美元。
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