ConocoPhillips and Concho Resources have entered into a definitive agreement to combine companies in an all-stock transaction. The transaction, valued at $9.7 billion, combines two leading shale producers to create a company with an approximately $60 billion enterprise value.
“Concho is a tremendous fit with ConocoPhillips. Together, ConocoPhillips and Concho will have unmatched scale and quality across the important value drivers in our business: an enviable low cost of supply asset base, a strong balance sheet, a disciplined capital allocation approach, ESG excellence and great people. Importantly, the transaction meets our long-stated and clear criteria for mergers and acquisitions because it is completely consistent with our financial and operational framework,” said Ryan Lance, ConocoPhillips chairman and CEO.