ConocoPhillips is in talks to acquire rival Concho Resources

News

ConocoPhillips is in talks to acquire rival Concho Resources

15.10.2020 News

American oil and gas giant ConocoPhillips is in talks to acquire rival company Concho Resources, Bloomberg agency reported, citing to the sources that familiar with the matter.

“Companies may announce the operation in the next few weeks,” – say the interlocutors of the agency. However, there is no final decision yet, and negotiations may fail.

The agency notes that by this agreement the company seeks to strengthen its position in production in the Permian oil and the gas basin of Texas.

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