ConocoPhillips acquires Concho Resources for US$13 billion
ConocoPhillips is acquiring Concho Resources in an all-stock transaction worth US$13.2 billion. The pro forma entity will have an enterprise value of approximately US$60 billion, with Concho and ConocoPhillips shareholders owning 21% and 79%, respectively. The combined company will now be the second-largest tight oil producer in the US Lower 48. The deal enhances ConocoPhillips' footprint in the Permian and adds significant low-cost inventory to its portfolio.