S&C Advises Concho Resources in $9.7 Billion Agreed Merger With ConocoPhillips

October 19, 2020

Concho Resources has agreed to combine with ConocoPhillips in an all-stock transaction valued at $9.7 billion. The transaction, announced October 19, will combine two industry leaders to create the largest independent oil and gas company with an enterprise value of approximately $60 billion.
 
The combined company will hold approximately 23 billion barrels of oil equivalent resources and will have contiguous and complementary acreage positions across the Delaware and Midland basins, as well as leading positions in the Eagle Ford and Bakken formations in the lower 48 states and the Montney formation in Canada.
 
The companies share a track record of and commitment to ESG excellence. The combined entity will be the first U.S.-based oil and gas company to adopt a Paris-aligned climate risk strategy to meet an operational (Scope 1 and Scope 2) net-zero emissions ambition by 2050. The transaction is expected to close in the first quarter of 2021.
 
Concho Resources is one of the largest unconventional shale producers in the Permian Basin, with operations focused on safely and efficiently developing oil and natural gas resources. S&C previously advised the company in its $9.5 billion acquisition of RSP Permian.

The S&C team advising Concho Resources is led by Krishna Veeraraghavan and includes associate Daniel Belke. Matthew Friestedt is advising on executive compensation matters, S. Eric Wang is advising on tax matters, John Estes is advising on financing matters and Steven Holley is advising on antitrust matters.