MIDLAND, TX – Concho Resources, a Midland Based shale company, is expected to be bought out by oil giant ConocoPhillips.
According to Bloomberg, on Oct. 12, people close with the companies have confirmed a deal is in the works.
Concho Resources is one of the largest unconventional shale producers in the Permian Basin. Its assets span the Delaware Basin to Midland Basin.
Concho shares rose as much as 10% in early New York trading today, giving the company a market value of about $9.5 billion.
Experts believe ConocoPhillips is looking to go all in on shale during a historic industry downturn.