(Bloomberg) — ConocoPhillips is in advanced talks to acquire smaller rival Marathon Oil Corp. which would extend the oil industry’s spree of major deals, the Financial Times reported.

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The all-stock proposal would value the target at slightly more than its market capitalization of about $15 billion, according to the FT, which didn’t identify its sources.

Marathon Oil and ConocoPhillips didn’t respond to Bloomberg News requests for comment outside normal business hours.

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Adding Marathon would give ConocoPhillips control of assets in Texas, Oklahoma, North Dakota and the Permian Basin. The target also holds interests in operations in Equatorial Guinea.

US oil and natural gas producers have driven a wave of recent megadeals. They’re seeking to secure drilling sites on expectations the fuels will remain central to the world’s energy mix for decades.

ConocoPhillips has already expanded in the Permian Basin in recent years through a $13 billion takeover of Concho Resources and a $9.5 billion purchase of Shell Plc’s assets in the region.

Devon Energy Corp. previously held talks with Marathon last year over a potential combination, people familiar with the matter told Bloomberg News at the time.

(Updates to add details)

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