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 companies said Monday that the combined business will be the largest independent oil and gas company, with pro forma production of more than 1.5 million barrels of oil equivalent per day. Join Mint channel in your Telegram and stay updated with the latest business news.

Source: Mint October 19, 2020 12:45 UTC