ConocoPhillips buying Concho in all-stock deal

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  • Buying stock deals
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NEW YORK (AP) – ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion.

That gives the companies 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. The deal comes as many oil producers are struggling to make ends meet. Oil prices have remained low for months.

The deal, which is expected to close in the first quarter of next year, could help the companies save $500 million annually.