ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at US$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 US$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. The deal is expected to close in the first quarter of next year.-AP

Source: The Standard October 19, 2020 14:40 UTC