ConocoPhillips is currently the most leveraged of the integrated oil majors, a position that will likely limit its participation in any merger and acquisition (M&A) activity that occurs in the near future.Conoco's debt jumped by almost $7 billion last year to $27.1 billion, lifting the major's debt-to-capital ratio to 33%. Debt-to-capital ratios for the other majors range from Exxon Mobil's 7.3% to Royal Dutch Shell's 23.1%.
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