ConocoPhillips, an independent exploration and production company, agreed to acquire Concho Resources, an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties, for $9.7bn. “This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors. We expect the company to deliver differential performance on three key mandates: providing affordable energy to the world, generating superior returns on and of capital and demonstrating ESG leadership,” Ryan Lance, ConocoPhillips Chief Executive.