ConocoPhillips to Buy Shale Rival Concho for $9.7 Billion – WSJ

The acquisition gives ConocoPhillips, the largest oil producer in Alaska, a much larger footprint in the hottest oil field in the U.S., the Permian Basin of Texas and New Mexico. The combined company would be the largest U.S. oil independent, with output in the Permian second only to Occidental Petroleum Corp. , according to a JPMorgan Chase & Co. analysis of Enverus data.

“Sector consolidation is both necessary and inevitable,” ConocoPhillips Chief Executive Ryan Lance told analysts Monday following the announcement. “We both believe our industry needs solutions that address the lack of scale, poor returns and, increasingly, the challenges and opportunities of environmental, social and governance matters.”

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