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ConocoPhillips buying Concho in $9.7B all-stock deal

FILE - In this Oct. 25, 2011 file photo, a Conoco sign shines in Dallas. (AP Photo/LM Otero,...
FILE - In this Oct. 25, 2011 file photo, a Conoco sign shines in Dallas. (AP Photo/LM Otero, File)(LM Otero | AP)
Published: Oct. 19, 2020 at 8:59 AM CDT
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(AP) - ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $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 $60 billion and a combined resource base of approximately 23 billion barrels of oil equivalent.

The deal is expected to close in the first quarter of next year.

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