ConocoPhillips swung to a third quarter loss, as oil and gas production curtailments made in response to the coronavirus pandemic’s impact on energy demand curbed revenue.

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The Houston-based super independent, however, has recovered ground in recent months and is going on offense in the Permian Basin with its planned acquisition of Concho Resources Inc., a deal that should lift overall production levels substantially and generate expense savings in 2021.

ConocoPhillips this month announced it is taking over Concho for $9.7 billion, forming a giant in the Permian Basin that would rival the output of the biggest players in the nation’s most productive oilfield. The deal is expected to close in early 2021.

“As we all know, the year has been historically volatile for our...