ConocoPhillips buying Concho in $9.7B all-stock deal
Published: Oct. 19, 2020 at 8:59 AM CDT
(AP) - ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion.
Concho’s common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips shares.
The combined business will have an enterprise value of approximately $60 billion and a combined resource base of approximately 23 billion barrels of oil equivalent.
The deal is expected to close in the first quarter of next year.
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