Conoco Said to Near Concho Purchase in Year’s Biggest Oil Deal

ConocoPhillips is nearing a deal to acquire Concho Resources Inc., according to people familiar with the matter, in what could be the largest shale industry deal since the collapse in energy demand earlier this year.

The companies are finalizing the terms of a transaction and could announce an agreement as soon as Monday, said the people, who asked not to be identified discussing confidential information. No deal has been reached and talks may still fall apart.

A tie-up of the explorers will create a heavyweight driller in America’s most prolific oilfield -- the Permian Basin of West Texas and ...