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Bloomberg: ConocoPhillips in talks to buy Concho Resources

FILE - In this Oct. 25, 2011 file photo, a Conoco sign shines in Dallas. (AP Photo/LM Otero, File)
FILE - In this Oct. 25, 2011 file photo, a Conoco sign shines in Dallas. (AP Photo/LM Otero, File)(LM Otero | AP)
Published: Oct. 14, 2020 at 10:19 AM CDT
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MIDLAND, Texas (KOSA) - ConocoPhillips is in talks to buy Midland-based Concho Resources, according to people familiar with the matter.

The companies may announce a deal in the next few weeks, according to Bloomberg.

Concho shares rose as much as 10% in early New York trading today, giving the company a market value of about $9-and-a-half billion. ($9.6 billion for web)

It signals that ConocoPhillips, one of America’s largest independent oil explorers, is looking to make a bold bet on shale during a historic industry downturn.

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