ConocoPhillips buying Concho in $9.7 billion all-stock deal

NEW YORK (AP) — ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion, making it a major presence in the Permian Basin, the top-producing oil field in the U.S. The combined company, if approved, would be among the largest U.S. oil producers, with production of more than 1.5 million barrels of oil equivalent per day, a resource base of approximately 23 billion barrels of oil and an enterprise value of about $60 billion. The deal comes as many oil producers are struggling to make ends meet. Oil prices have remained low for months, mainly because efforts to contain the coronavirus halted most travel, obliterating demand for fuel. The price...