TEXAS, USA — In a statement on Monday, ConocoPhilips announced there was an agreement reached to purchase Concho Resources for $9.7 billion in stock.
Investors are set to receive 1.46 Conoco shares for each Concho share.
With a 15 percent premium over Concho's closing price on Oct. 13, the combination of Concho and Conoco will be one of the dominant operators for the Permian Basin and New Mexico.
