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.
Recommended Reading
Enterprise Increasing Permian NatGas Production
2024-04-03 - Enterprise Products Partners began service on two natural gas plants: the Leonidas in the Midland Basin and the Mentone 3 in the Delaware Basin, each with a capacity to process 300 MMcf/d of natural gas and 40,000 bbl/d of NGLs.
APA Corp. Latest E&P to Bow to Weak NatGas Prices, Curtail Volumes
2024-05-07 - APA Corp. plans to curtail gas and NGL production in the U.S. owing to weak Waha prices but remains confident it can deliver in the Permian Basin, CEO John Christmann said during a quarterly webcast with analysts.
Paisie: Dutch Vehicle Fleet Foreshadows Structural Shifts
2024-03-26 - The expanding role of battery electric vehicles will be supported by the development of associated supply chains, as indicated by Stratas Advisors' forecast of global EV battery production capacity.
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.