Hot on the heels of last month’s completion of the $4.1bn takeover of Noble Energy by Chevron (MEES, 9 October) and Devon Energy’s announced $2.6bn takeover of fellow Permian firm WPX, compatriot ConocoPhillips on 19 October announced an agreed $9.7bn takeover of Concho Resources.
Concho had rivalled Pioneer Natural Resources as the largest ‘pure-play’ Permian producer. Not to be outdone, Pioneer a day later announced an agreed merger with smaller Permian-focused firm Parsley Energy, seeing it leapfrog ExxonMobil to rival Chevron and Occidental as the top oil producer in the key US shale basin (see chart). (CONTINUED - 1904 WORDS)
