Reply #7: ConocoPhillips eyes Burlington: report

[ozymandius]

NEW YORK (Reuters) - Oil major ConocoPhillips (NYSE:COP - news) is in advanced talks to buy oil and gas producer Burlington Resources Inc. (NYSE:BR - news) for more than $30 billion, the Wall Street Journal online edition reported on Sunday.

Citing people familiar with the matter, the Journal said talks were still fluid and could fall apart, but a deal could be announced this week if the discussions stayed on track.

Houston-based Burlington Resources has a market value of about $28.7 billion, according to Reuters data, and has natural gas assets that are attractive to any buyer.

Spokesmen for both ConocoPhillips and Burlington Resources said the companies do not comment on market rumors.

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