ConocoPhillips has reached an agreement to acquire the US shale oil producer Concho Resources for US$9.7bn. The transaction brings together assets across the Delaware and Midland basins in addition to positions in the Eagle Ford and Bakken in the Lower 48 and the Montney in Canada. The merged company will have a combined resource base of 23 Gboe with an average cost of supply below US$30/bbl WTI and an average production of 1.5 mboe/d, making the new company the largest independent oil and gas company in the United States. The transaction, which is subject to regulatory approvals, has been validated by the board of directors of each company and is expected to close in early 2021.
In September 2020, the US oil and gas producer Devon Energy decided to buy its rival WPX Energy for US$2.6bn as it intends to create a leading unconventional oil producer in the United States. The transaction will create one of the largest unconventional oil producers in the United States with a combined production of 277,000 bbl/d.