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Newswest 9 | Midland, Texas | newswest9.com

ConocoPhillips to buy Concho in $9.7B stock deal

ConocoPhillips has agreed to buy Concho for $9.7 billion in stock.
Credit: KWES

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.