ConocoPhillips Wades Deeper Into Permian With Concho Acquisition

ConocoPhillips Wades Deeper Into Permian With Concho Acquisition

The Permian Basin is about to get a new heavyweight player as the rumors of ConocoPhilips (NYSE: COP) buying Concho Resources (NYSE: CXO) proved true. The deal puts Conoco on a footing with Occidental Petroleum (NYSE: OXY) and Chevron (NYSE: CVX) with some 372,000 barrels of oil equivalent per day (BOE/d) in the Permian.