ConocoPhillips is buying Concho Resources in an all-stock deal.

According to the Midland Reporter-Telegram, the deal is valued at $9.7 billion.

The combined companies will be estimated at about $60 billion.

The transaction will bring ConocoPhillips back as a top company and expand its position in the Permian Basin.

The deal is expected to be done by the first quarter of 2021.