Energy stocks were the worst performing sector as oil prices fell ahead of Thursday's U.S. inventories report and Sunday's OPEC+ meeting where the group will decide on the future of output cuts.

ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion in a bid to catch up with rivals as drillers race to secure new oil and gas wells.

Marathon Oil stockholders will exchange each share for 0.255 share of ConocoPhillips, representing a nearly 15% premium based on Marathon Oil's closing share price on Tuesday. The deal allows ConocoPhillips to expand its presence in several key U.S. shale basins including in Texas and North Dakota.

Exxon Mobil shareholders re-elected the company's board of directors by a wide margin at its annual meeting on Wednesday, affirming their support for the company even as some large shareholders registered a protest vote.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-29-24 1724ET