ConocoPhillips closed its $13 billion all-stock acquisition of Concho Resources in 2021, becoming the largest independent producer in the Permian Basin at the time. The combined company held approximately 700,000 net acres in the Permian.
The deal was the largest U.S. shale acquisition since the COVID-19 pandemic-induced oil price crash and signaled a wave of consolidation in the sector. ConocoPhillips targeted $500 million in annual run-rate synergies.
Goldman Sachs is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities are acting as financial advisors to Concho. Sullivan & Cromwell LLP is acting as legal advisor to Concho.