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ConocoPhillips plus Concho forms another head honcho
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Report summary
ConocoPhillips acquires Concho Resources in US$9.7 billion all stock transaction. The pro forma entity will have an enterprise value of close to US$60 billion and also be the second largest oil producer in the US Lower 48. A number of factors were considered in the deal including, base decline rates, exploration spending, reinvestment rates and ESG strategy. As the third large deal to take place in the US, it's clear the tight oil sector is amidst a wave of consolidation. More deals are likely to happen.
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