Submitted EOI for severance package.... waiting for Concho acquisition to be approved and acceptance of EOI. Transaction value represents the anticipated shares to be issued at the fixed exchange ratio of 1.46 measured at ConocoPhillips’ closing share price on October 16, 2020. We look forward to bringing together our complementary operations, teams and cultures to realize the upside potential of this exciting combination.”. Additional Information about the Merger and Where to Find It – In connection with the proposed transaction, ConocoPhillips intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of ConocoPhillips and Concho Resources and that also constitutes a prospectus of ConocoPhillips. Legal advisor to ConocoPhillips: Wachtell, Lipton, Rosen & Katz. Non-GAAP Financial Information and Other Terms – This news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO), free cash flow and net debt. It would follow Occidental Petroleum Corp.’s $38 billion purchase of Anadarko Petroleum Corp. last year and could come just weeks after a $2.6 billion merger of Devon Energy Corp. and WPX Energy Inc. A transaction would also continue a trend of explorers seeking to bulk up specifically in the oil-rich Permian Basin of West Texas and New Mexico, the most productive field in the U.S. Conoco has been dropping hints about a potential M&A deal for months. Concho had $3.9 billion in … ConocoPhillips has also created a section of its web site to keep its stakeholders apprised of the process. Words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. This news release also contains the terms transaction value, enterprise value, leverage ratio and cost of supply. ConocoPhillips will host a conference call today at 8 a.m. Eastern time to discuss this announcement. ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an … Concho shares climbed as much as 15% in New York trading Wednesday, the most since April. October 19, 2020. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. ConocoPhillips to Hold Third-Quarter Earnings Conference Call on Thursday, Oct. 29. Today’s transaction brings together two companies with the leadership, assets and a capital allocation approach to generate growing free cash flow, supported by a top-tier investment-grade balance sheet that provides investors with sustainability, resilience and flexibility. ConocoPhillips closes Concho Resources acquisition Bizjournals 08:14 20-Jan-21. ConocoPhillips and Concho commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about December 11, 2020. The deal values Concho Resources at $49.30 a share. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to ConocoPhillips’ and Concho’s respective periodic reports and other filings with the SEC, including the risk factors contained in ConocoPhillips’ and Concho’s most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Two best-in-class asset portfolios that create a combined resource base of approximately 23 billion barrels of oil equivalent with a less than $40 per barrel WTI cost of supply and an average cost of supply below $30 per barrel WTI. Through consolidation, we will apply our assets, capabilities and superior performance to the business model of the future, creating a better-capitalized company with enhanced capital discipline, more flexibility and an unwavering commitment to sustainability. For more information, go to www.conocophillips.com. ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. All Advisor; The Best Credit Cards Of 2021. Leverage ratio is calculated by taking net debt divided by cash from operations. On October 19, 2020, ConocoPhillips and US shale oil producer Concho Resources agreed to combine companies in an all-stock transaction worth approximately $9.7 billion in stock. Copies of the documents filed with the SEC by ConocoPhillips will be available free of charge on ConocoPhillips’ website at https://www.conocophillips.com or by contacting ConocoPhillips’ Investor Relations Department by email at investor.relations@conocophillips.com or by phone at 281-293-5000. “Concho is a tremendous fit with ConocoPhillips. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. While Houston-based Conoco has lost nearly half its market value this year, it’s held up relatively well compared to peers as oil prices collapsed during the coronavirus pandemic. We are working today to deliver a better tomorrow for our shareholders, people and communities. For ConocoPhillips Stockholders: For Concho Stockholders: ConocoPhillips 925 N. Eldridge Parkway Houston, Texas 77079 Attention: Investor Relations (281) 293-1000 Concho Resources Inc. One Concho Center 600 West Illinois Avenue Midland, Texas 79701 Attention: Investor Relations (432) 683-7443 As of and for the Nine Months Ended September 30, Concho has drilling rights on about 800,000 gross acres in the Permian, according to a September investor presentation. Concho Resources (NYSE: CXO) is one of the largest unconventional shale producers in the Permian Basin, with operations focused on safely and efficiently developing oil and natural gas resources. Importantly, the transaction meets our long-stated and clear criteria for mergers and acquisitions because it is completely consistent with our financial and operational framework.”, “Through this combination, we are joining a diversified energy company with even more scale and resources to create shareholder value in today’s markets and beyond,” said Tim Leach, chairman and chief executive officer of Concho Resources. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. If no carbon tax exists for the asset, it is not included in this metric. In July, Chief Executive Officer Ryan Lance said the company was encouraged by the low premiums needed for acquisitions in the shale sector, citing Chevron’s deal to buy Noble. Such services during such period include having acted as joint lead bookrunner on Concho's offering of debt securities, which closed in August 2020, and as financial advisor to ConocoPhillips in a divestiture which closed in October 2018. Elevated commitment to environmental, social and governance excellence with a newly adopted Paris-Aligned Climate Risk strategy, available at. They were up 13% at $49.73 each at 9:50 a.m., giving the Midland, Texas-based company a market value of about $9.8 billion. ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand. ConocoPhillips … Together, ConocoPhillips and Concho will have unmatched scale and quality across the important value drivers in our business: an enviable low cost of supply asset base, a strong balance sheet, a disciplined capital allocation approach, ESG excellence and great people. No Offer or Solicitation – This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. Information about the directors and executive officers of ConocoPhillips, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ConocoPhillips’ proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2020, and ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 18, 2020, as well as in Forms 8-K filed by ConocoPhillips with the SEC on May 20, 2020 and September 8, 2020, respectively. ConocoPhillips has agreed to swap 1.46 of its shares for each share of Concho Resources in a deal valuing that company at about $9.7 billion, or about $13 billion including Concho's existing debt. Thus, if ConocoPhillips and Concho really were floating a trial balloon on a merger last week, it appears to have come back positive. Conoco shares climbed 1% to $35.25, translating into a market value of almost $38 billion. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Concho and Conoco together produced about 1.3 million barrels of oil equivalent a day in the second quarter, according to data compiled by Bloomberg Intelligence, just shy of the output of crude giant Occidental. This communication relates to a proposed business combination transaction between ConocoPhillips and Concho Resources. Last month, Conoco said that it would resume share repurchases, after cutting production and curbing spending to conserve cash in the first half of 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. The combined company will have competitive advantages across sector fundamentals: Upon closing, Concho’s Chairman and Chief Executive Officer Tim Leach will join ConocoPhillips’ board of directors and executive leadership team as executive vice president and president, Lower 48. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. The companies may announce a deal in the next few weeks, said the people, who asked to not be identified because the matter isn’t public. The stock of Concho Resources closed Friday at $48.60 and was falling 1.05% to $48.08 in trading Monday. HOUSTON AND MIDLAND - ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an all-stock transaction. All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics . Advisor at ConocoPhillips Oklahoma State University ConocoPhillips said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. Except as required by law, neither ConocoPhillips nor Concho Resources undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. • ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. 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