ConocoPhillips (NYSE:COP) is in talks to acquire Concho Resources Inc. (NYSE:CXO) according to people familiar with the matter, as one of America's largest independent oil explorers looks to make a bold bet on shale during an historic industry downturn. The companies may announce a deal in the next few weeks, said the people, who asked to not be identified because the matter isn't public. No final decision has been made and talks could fall through.

Representatives for Conoco and Concho didn't immediately respond to requests for comment. Concho shares fell 1.3% in New York October 13, 2020, closing at $44.14 and giving the Midland, Texas-based company a market value of about $8.7 billion. Conoco was down 2% at $34.88, with a market value of about $37 billion.