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.
羅斯MKM分析師利奧·馬里亞尼預計，康菲石油公司（紐約證券交易所代碼：COP）在交易以企業價值爲225億美元的全股交易收購馬拉松石油公司（紐約證券交易所代碼：MRO）後，與今天的同行相比將產生負面反應。
As per the agreement, Marathon Oil shareholders will receive 0.2550 ConocoPhillips shares for each share of Marathon Oil they hold.
根據協議，馬拉松石油股東每持有馬拉松石油公司股份將獲得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.
預計此次收購將立即增加康菲石油公司的收益、運營現金、自由現金流和向股東的每股資本回報率，以及MRO的WTI供應成本低於每桶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.
分析師對最後一點持懷疑態度，他指出，MRO在鷹福特、巴肯和中大陸的資產成本要高得多。
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.
總體而言，由於COP強勁的資產負債表，國際多元化的資產基礎，基礎產量低於同行，持續的低個位數產量增長以及強勁的股東資本回報率，分析師仍將評級爲買入，目標股價爲144美元。
Mariani estimates EPS of $9.25 for FY24 and $10.14 for FY25.
馬里亞尼估計，24財年的每股收益爲9.25美元，25財年的每股收益爲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).
投資者可以通過iShares美國石油與天然氣勘探與生產ETF（BATS: IEO）和Westwood Salient增強能源收益ETF（納斯達克股票代碼：WEEI）獲得COP敞口。
Price Action: COP shares are down 4.19% at $113.98 at the last check Wednesday.
價格走勢：在週三的最後一次檢查中，COP股價下跌4.19％，至113.98美元。
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