RTTNews | Oct 13, 2020 10:45PM EDT

22:44 Tuesday, October 13, 2020 (RTTNews.com) - ConocoPhillips (COP) is in talks to buy Concho Resources Inc. (CXO), Bloomberg reported citing people familiar with the matter.

The companies could announce a deal in the next few weeks. No final decision has been made and talks could fall through, the report said.

Conoco said last month that it would resume share repurchases of $1 billion during the fourth quarter of 2020, after cutting production and curbing spending to conserve cash in the first half of 2020.

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