ConocoPhillips in talks to buy Concho Resources

ConocoPhillips

(MarketWatch) – ConocoPhillips COP, -1.99% is in talks to buy Concho Resources CXO, -1.29%, Bloomberg News reported, citing people familiar with the matter.

The report said the deal may come in the next weeks, and would represent a big shale bet at a time when oil prices are depressed.

ConocoPhillips shares have dropped 46% this year, and Concho has dropped 50%.

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