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Concho Resources is expected to be bought out by oil giant ConocoPhillips

Concho Resources is expected to be bought out by oil giant ConocoPhillips

Houston, October 15 - Neftegaz.RU. Bloomberg reported, citing people familiar with the matter, that ConocoPhillips is in talks to buy Permian Basin shale giant Concho Resources.

No final decision has been made and talks could fall through. If a deal is reached, it could be announced in the next few weeks. Such a deal could be the largest takeover of an oil and gas company this year.

Concho Resources is one of the largest unconventional shale producers in the Permian Basin. Its assets span the Delaware Basin to Midland Basin. Concho Resources has a market value of about $8.8 billion, while the market cap for ConocoPhillips is nearly $38.2 billion.

A deal would also continue a trend of explorers seeking to bulk up specifically in the oil-rich Permian Basin of West Texas and New Mexico, the most productive field in the US.

ConocoPhillips has held up relatively well during the coronavirus pandemic and associated oil price crash, despite losing nearly half of its market value this year, Bloomberg notes. On September 30, ConocoPhillips announced that it plans to resume share repurchases of $1 billion during the Q4.

To read the article in Russian.

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