ConocoPhillips to acquire shale oil firm Concho

New York (AFP) – US petroleum giant ConocoPhillips announced Monday it would acquire Texas-based shale oil rival Concho Resources in a transaction valued at $9.7 billion.The acquisition comes as global oil giants have struggled in recent months amid the Covid-19 pandemic that caused a slowdown in the global economy and a plunge in the price of crude.”The leadership and boards of both companies believe today’s transaction is an affirmation of our commitment to lead a structural change for our vital industry,” ConocoPhillips CEO Ryan Lance said in a statement.Together the two companies will prod…

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