December edged up 5.8 cents to $3.253. The deal continues a recent trend of low premium deals, including Chevron Corp.’s purchase of Noble Energy Inc. and the Devon Energy Inc. takeover of WPX Energy Inc. “From our position of strength and in light of market trends, our board of directors and management team evaluated a wide range of options and unanimously determined that combining with ConocoPhillips is the best path forward for Concho and our shareholders,” Leach said. In total, the company projects $500 million in net cash flow improvement. This material may not be published, broadcast, rewritten, or redistributed. It emerged from the depths of the downturn this summer with $7.2 billion in cash. “We’re looking at asset deals, we’re looking at asset deals, we’re looking at corporate deals, we look across the board,” Lance told Bloomberg at the time. ©2020 FOX News Network, LLC. In July, Lance said the company was encouraged by the low premiums needed for acquisitions in the shale sector, citing Chevron’s (CVX) - Get Report deal to buy Noble Energy (NBL) - Get Report for about $5 billion.
View Subscription Options ConocoPhillips (COP) - Get Report reached an agreement to acquire rival Concho Resources (CXO) - Get Report in an all-stock deal valued at $9.7 billion. Mutual Fund and ETF data provided by Refinitiv Lipper. The combination marks the largest Lower 48 industry acquisition announced since the pandemic arrived in the United States in March. 5 in NGI’s 2Q2020 ranking of top marketers in North America. Sign in to get the best natural gas news and data. “I think it’s what you see when market efficiency starts to come into play,” he said. Of the 1.5 million boe/d of proforma production, 50% would come from the Lower 48 and another 15% from Alaska. ConocoPhillips said on Monday it would buy Permian-focused driller Concho Resources for $9.7 billion, the largest shale deal this year as oil and gas … The deal would create “a better capitalized company” with “more flexibility” to adapt to the evolving shale industry. All rights reserved. Permian Basin Upon closing, Concho CEO Tim Leach plans to join the ConocoPhillips board and leadership team as president of Lower 48 operations. Concho has a history of acquisitions in the region and brings a considerable amount of incumbent Permian knowledge.”, ConocoPhillips “has proven itself as a leader in shale technology…The combination bodes well for the Permian’s longer-term outlook.”. ConocoPhillips vowed to reduce the greenhouse gas emissions from its operations by 35-45% by 2030 and eliminate them by 2050. Upstream, email | Conoco is a major producer in two other U.S. shale fields, but pumps about 50,000 bpd in the Permian. Management expects to fully realize the cost savings by 2022. ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand. The deal is expected to close in the first quarter of 2021. “Scale has never been more important,” Leach added.
With expiration looming later this week, the November Nymex contract climbed 5.3 cents to $3.024. ConocoPhillips said the premium was 15% based on Concho’s price on Oct. 13, before news reports on the deal talks surfaced.
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