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Actionable news in CXO: CONCHO RESOURCES Inc,

Concho Resources Said to Pursue Rival Clayton Williams

Concho Resources Inc., one of the top energy explorers in the oil-soaked Permian Basin beneath Texas and New Mexico, is seeking to buy Clayton Williams Energy Inc., people with knowledge of the matter said.

Concho is bidding for Clayton Williams, said the people, who declined to be identified because the matter is not public. Clayton Williams has drawn interest from other suitors and may yet decide to remain independent, raise capital or sell assets, the people said. Clayton said in October it retained Goldman Sachs Group Inc. to help it explore options including a sale.

A spokeswoman for Clayton Williams declined to comment, as did a spokeswoman for Goldman Sachs. A representative of Concho didn’t immediately respond to requests for comment.

Small oil and gas explorers are increasingly putting themselves up for sale as low oil prices pressure profits and lenders tighten credit lines...