ConocoPhillips Co. is in talks to acquire Permian Basin shale producer Concho Resources Inc., Bloomberg News reported on Oct. 14, citing people familiar with the matter.

The companies may announce a deal in a few weeks, the report said, adding that no final decision has been made and talks could fall through.

ConocoPhillips declined to comment, while Concho did not immediately respond to Reuters request for comment.

As on Oct. 13, the market cap of Concho was $8.68 billion.

The report comes amid a decline in demand for hydrocarbons due to the coronavirus-induced lockdowns, resulting in a historic fall in oil prices.

Last month, Oklahoma-based oil and gas producer Devon Energy Corp. decided to buy shale-oil rival WPX Energy Inc. for $2.56 billion in an all-stock transaction that includes the assumption of $3.2 billion of net debt.