ConcoPhillips is the third biggest US oil company by market capitalization after ExxonMobil and Chevron, both which announced major petroleum-focused takeovers last year.
The deals have come in spite of rising global recognition of climate change, resulting in a landmark agreement at December climate talks in which nearly 200 countries agreed that the world will be "transitioning away from fossil fuels" in order to achieve net-zero emissions by 2050.
However, while US oil companies have faced pressure from climate-focused NGOs and investors to accelerate climate-friendly investments, demand for conventional petroleum has remained firm.
The ConocoPhillips deal follows ExxonMobil's $60 billion takeover of Pioneer Natural Resources, which closed earlier this month.
Chevron's proposed $53 billion takeover of Hess cleared one hurdle on Monday after Hess shareholders voted to approve the transaction.
However, the Hess deal hit a speed-bump earlier this year due to a challenge by ExxonMobil over the transaction's effect on ExxonMobil's holdings in Guyana.
Chevron has indicated it could walk away from the deal if arbitration is unsuccessful.
Source: AFP
