Save for later Print Download Share LinkedIn Twitter Leading US independents ConocoPhillips and Concho Resources made their rumored merger official on Monday. Conoco’s offer of a fixed ratio of 1.46 shares of its common stock for each Concho share represents a 15% premium and puts the total value of the all-stock deal at $9.7 billion. Executives say the deal will realize $500 million in annual cost and capital savings by 2022. Upon its first-quarter 2021 closing, Conoco will hold a resource base of approximately 23 billion barrels of oil equivalent with a cost of supply of less than $30 per barrel of West Texas Intermediate. Conoco was reportedly contemplating a bid for Permian Basin pure-play Concho last week. Speculation of a “ConoConcho” deal revved up market watchers who have eagerly anticipated consolidation across the US shale space for years (OD Oct.14'20). Permian Expansion
