ConocoPhillips to pay $35.6 billion to acquire Burlington Resources

Monday, December 12th 2005, 10:29 am
By: News On 6

HOUSTON _ ConocoPhillips today confirmed its plans to buy oil and gas producer Burlington Resources for more than 35-and-a-half (b) billion dollars.

If Burlington shareholders approve the sale it would make Houston-based ConocoPhillips one of the largest natural gas companies in the nation.

Company spokesman Jeff Callender says it's too soon to comment on whether the deal will affect ConocoPhillips in Bartlesville where the company's internal support is handled. The company said it September it would transfer 500 jobs to Bartlesville next year.

Analysts say other large oil companies will be looking to buy other independent producers such as Oklahoma City-based companies Devon (DEH'-vin) Energy and Chesapeake Energy. The analysts say because of the rising cost of exploring it's cheaper to buy an existing company than it is to drill.