Bloomberg: ConocoPhillips in talks to buy Concho Resources

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.