(CVX) - Get Report

is reportedly considering a takeover bid for either




Phillips Petroleum

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in an effort to break up their planned merger.

The company's board will consider making an offer when it meets Wednesday,

The Wall Street Journal


The Phillips-Conoco "merger of equals" pays little or no price premium to shareholders and has therefore been considered vulnerable to a third-party bid. The companies are two of the last remaining midsize energy concerns in the country and could be coveted by firms other than just ChevronTexaco if put into play, analysts said. Even the combined company could be subject to a takeover, they said.

Conoco's market capitalization is currently about $17 billion, while Phillips' is about $16 billion.