ConocoPhillips Is Said in Talks to Acquire Marathon Oil

ConocoPhillips is in advanced talks to acquire Marathon Oil Corp., which would extend a major wave of consolidation among the US oil and gas industry, according to people familiar with the matter.

An announcement could come as soon as Wednesday morning in New York. The all-stock proposal would value the target at slightly more than its market capitalization of about $15 billion, according to the Financial Times, which reported the potential deal earlier.

Adding Marathon, which is almost entirely focused on the US, would broaden Conoco’s footprint in domestic shale fields from Texas to North Dakota.It would add to ...