Is ConocoPhillips Purchasing Concho Resources?

 

MIDLAND, TX – Concho Resources, a Midland Based shale company, is expected to be bought out by oil giant ConocoPhillips.

According to Bloomberg, on Oct. 12, people close with the companies have confirmed a deal is in the works.

Concho Resources is one of the largest unconventional shale producers in the Permian Basin. Its assets span the Delaware Basin to Midland Basin.

Concho shares rose as much as 10% in early New York trading today, giving the company a market value of about $9.5 billion.

Experts believe ConocoPhillips is looking to go all in on shale during a historic industry downturn.

Subscribe to the LIVE! Daily

The LIVE! Daily is the "newspaper to your email" for San Angelo. Each content-packed edition has weather, the popular Top of the Email opinion and rumor mill column, news around the state of Texas, news around west Texas, the latest news stories from San Angelo LIVE!, events, and the most recent obituaries. The bottom of the email contains the most recent rants and comments. The LIVE! daily is emailed 5 days per week. On Sundays, subscribers receive the West Texas Real Estate LIVE! email.

Required

Most Recent Original Videos

 

Post a comment to this article here:

X Close