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ConocoPhillips said on Monday it would buy Permian-focused driller Concho Resources Inc for US$9.7 billion, the largest shale deal this year as oil and gas producers turn to consolidation to survive slowdown in oil prices and demand.
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid
19 Oct 2020 07:15PM
(Updated: 19 Oct 2020 07:30PM)
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REUTERS: ConocoPhillips said on Monday it will buy Permian-focused driller Concho Resources Inc for US$9.7 billion, the largest shale deal this year as oil and gas producers turn to consolidation to survive a slowdown in oil prices and demand.
The all-stock deal comes as U.S. shale companies have posted big losses due to weak crude prices amid the COVID-19 pandemic and have struggled to raise new capital to restructure debt.
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