Connect and Discover Sale: 25¢ Find essential local news anytime with unlimited digital access. Act Now |
ConocoPhillips headquarters in the Energy Corridor, Tuesday, May 31, 2022, in Houston.
ConocoPhillips plans to close on its acquisition of Marathon Oil later this year in a $22.5 billion deal, and their office footprints could shrink.
ConocoPhillips and Marathon Oil both occupy relatively new headquarters buildings in west Houston. Together, the companies occupy about 1.5 million square feet.
Colleagues Marissa Luck and Amanda Drane looked at how the latest consolidation in the oil industry could play out.
"Anytime you're talking about G&A cost reductions, that tends to mean headcount and facilities, so I would expect we'll lose a number in the combination," Dan Pickering, chief investment officer for Pickering Energy Partners, told the Chronicle. "The deal itself is not a transformational combination for Conoco, but I think one of the elements that makes the numbers work is a pretty big cost savings number, so I think we'll see that impact Houston."
No comments:
Post a Comment