ConocoPhillips to buy Concho Resources for $9.7 billion in 2020’s top shale deal

In this news, we discuss the ConocoPhillips to buy Concho Resources for $9.7 billion in 2020’s top shale deal.

(Reuters) – ConocoPhillips COP.N said on Monday it would buy Permian-focused driller Concho Resources Inc CXO.N for $ 9.7 billion, the largest shale deal this year as oil producers and gas companies are turning to consolidation to survive slowing oil prices and demand. .

Concho shareholders will receive 1.46 ConocoPhillips shares for each share held.

Reporting by Arunima Kumar and Arathy S Nair in Bangalore; Edited by Shinjini Ganguli

Original © Thomson Reuters

Originally posted 2020-10-19 13:46:08.

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