A merger of two Houston oil giants could impact office requirements

Plus: Guess how many years of income it takes to buy a home in Harris County

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ConocoPhillips headquarters in the Energy Corridor, Tuesday, May 31, 2022, in Houston.

What ConocoPhillips' $22.5B merger with Marathon means for 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." 

 

Katherine Feser, Real estate reporter katherine.feser@houstonchronicle.com

 

 

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Commercial

Photo by: Jason Fochtman, Staff Photographer The Woodlands was inspired by these master-planned communities The Woodlands is one of the most famous master-planned communities in the U.S. It drew inspiration from Reston, Columbia and Irvine and continues to inspire other communities.

 

Photo by: Melissa Phillip/Staff Photographer DFW Alamo Drafthouse theaters close but no Houston ripple effect The franchise operators blamed the tough economy for movie theaters in the wake of the pandemic and the slowdown in production and releases due to the strikes by actors and writers.

 

Photo by: Mark Mulligan, Staff Photographer Are Houston-area layoffs looming with Conoco-Marathon merger? The West Houston-based oil companies are expected to trim workforce, office requirements may be affected.

 

Photo by: Sonesta International Hotels Corporation Pet-friendly hotel with indoor pool opens La Porte location Sonesta International Hotels Corporation opened its sixth Texas location in La Porte.

 

Photo by: Courtesy Of Wayback Burgers East Coast favorite Wayback Burgers opening location in Eldridge area The menu features a variety of made-to-order burgers from a classic burger to the "Cheeeesy" with four slices of melted American cheese and two patties.

 

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Residential

Photo by: Alexandra Kanik Guess how many years of income it takes to buy a home in Harris County Harris County median home values in 1980 were $55,400 – equivalent to 2.7 years' worth of salary for a median income resident, who made $20,805 before taxes. What about four decades later?

 

Photo by: The Signorelli Co. Home sales launch in new 1,300-home community west of Katy Residents are expected to begin moving in later this year into Bluestem, a 356-acre community underway in Brookshire, a small city west of Katy and Houston.

 

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Real estate transactions

Photo by: Partners Real Estate

Elite Pickleball Club to open in former Randalls grocery store

Pickleball players in Clear Lake will have a new place to play with the opening of Elite Pickleball Club next year. 

 

 

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