ConocoPhillips Reports Fourth-Quarter Net Loss, Holds Steady in 2021
Industry Segment: Production | Word Count: 770 Words
SUGAR LAND--February 3, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--The onset of the COVID-19 pandemic in early 2020 took was a shock to oil and gas producers, causing them to rein in capital spending as demand plummeted and hope for a better 2021. Among these companies was oil and gas major ConocoPhillips (NYSE:COP) (Houston, Texas). However, 2020 presented a time of multiple opportunities for mergers and acquisitions in the oil and gas sector, and ConocoPhillips took advantage of this, agreeing to acquire Concho Resources (Midland, Texas) in October in a $9.7 billion all-stock deal, strengthening its position in the Permian Basin. The acquisition was completed earlier this year.