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ConocoPhillips is in talks to acquire rival Concho Resources Inc., 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.

 

Bloomberg News reports the companies may announce a deal very soon, said the people, who asked to not be identified because the matter isn’t public. 

 

Conoco has been dropping hints about a potential M&A deal for months. In July, Chief Executive Officer Ryan Lance said the company was encouraged by the low premiums needed for acquisitions in the shale sector, citing Chevron’s deal to buy Noble.