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Deals

ConocoPhillips in talks to buy Concho Resources: Bloomberg News

FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid

(Reuters) - U.S. oil producer ConocoPhillips COP.N is in talks to acquire shale producer Concho Resources Inc CXO.N, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The companies may announce a deal in a few weeks, the report said here, adding that no final decision has been made and talks could fall through.

ConocoPhillips declined to comment, while Concho did not immediately respond to Reuters request for comment.

As on Tuesday, the market capitalization of Concho was $8.68 billion.

The report comes amid a decline in demand for hydrocarbons due to the coronavirus-induced lockdowns, resulting in a historic fall in oil prices.

Last month, Oklahoma-based oil and gas producer Devon Energy Corp DVN.N had decided to buy shale-oil rival WPX Energy Inc WPX.N for $2.56 billion.

Reporting by Anirudh Saligrama in Bengaluru; Editing by Arun Koyyur

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