US independent ConocoPhillips is set to swallow large compatriot shale producer Concho Resources in a $9.7 billion all-stock transaction that will significantly boost the former's unconventional acreage on its home turf — with a new net-zero emissions goal in sight.

The deal, announced on Monday, will result in a combined entity with an enterprise value of $60 billion and a joint resource base of about 23 billion barrels of oil equivalent with an average cost of supply of less than $30 per barrel of West Texas Intermediate crude, according to ConocoPhillips.