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ConocoPhillips to buy Concho Resources for $9.7 bln in 2020's top shale deal

Credit: REUTERS/LOREN ELLIOTT

ConocoPhillips said on Monday it would buy Permian-focused driller Concho Resources Inc for $9.7 billion, the largest shale deal this year as oil and gas producers turn to consolidation to survive slowdown in oil prices and demand.

Oct 19 (Reuters) - ConocoPhillips COP.N said on Monday it would buy Permian-focused driller Concho Resources Inc CXO.N for $9.7 billion, the largest shale deal this year as oil and gas producers turn to consolidation to survive slowdown in oil prices and demand.

Concho shareholders will receive 1.46 shares of ConocoPhillips for each share held.

(Reporting by Arunima Kumar and Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)

((Arunima.Kumar@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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