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ConocoPhillips and Concho Resources announced Monday they have entered into a definitive agreement to combine companies in an all-stock transaction, one that will make ConocoPhillips the largest independent oil and gas company.

 

The new ConocoPhillips will have a pro forma production of over 1.5 million barrels of oil equivalent per day (MMBOED).

 

OKEnergy.com reports under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho Resources (Concho) common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips common stock, representing a 15 percent premium to closing share prices on October 13