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The all-stock deal comes as U.S. shale companies have posted big losses due to weak crude prices amid the COVID-19 pandemic and have struggled to raise new capital to restructure debt.
Concho shareholders will receive 1.46 shares of ConocoPhillips for each share held.
The deal for $49.30 per share, represents a 1.4% premium to Concho’s closing close on Friday, according to Reuters calculations.
Together, the companies expect to capture $500 million of annual cost and capital savings by 2022.
