“Concho is a tremendous fit with ConocoPhillips. Goldman Sachs is acting as exclusive financial advisor to ConocoPhillips, while Credit Suisse Securities and JP Morgan are advising Concho on the deal. These risks, as well as other risks related to the proposed transaction, will be included in the registration statement on Form S-4 and joint proxy statement/prospectus that will be filed with the SEC in connection with the proposed transaction. Concho has drilling rights on about 800,000 gross acres in the Permian, according to a September investor presentation. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) said they have entered into a definitive agreement to merge the two companies in an all-stock transaction. Participants in the Solicitation – ConocoPhillips, Concho Resources and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Advisors Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. ConocoPhillips and Concho Resources complete merger Carlsbad Current-Argus, New Mexico 23:03 20-Jan-21. ConocoPhillips will host a conference call today at 8 a.m. Eastern time to discuss this announcement. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of ConocoPhillips and Concho Resources. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. 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. Under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho Resources (Concho) common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips common stock, representing a 15 percent premium to closing share prices on October 13. “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 … ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have … ConocoPhillips closes Concho Resources acquisition Bizjournals 08:14 20-Jan-21. Sullivan & Cromwell LLP is acting as legal advisor to Concho. Nonetheless, the Conoco-Concho deal is the largest acquisition in the energy sector so far this year, pipping Chevron’s acquisition of Noble Energy, which completed earlier this month and was also a Permian basin deal. ConocoPhillips Completes Concho Acquisition; Tim Leach Joins Leadership Hart Energy 10:09 19-Jan-21. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC, and any reserve estimates provided in this news release that are not specifically designated as being estimates of proved reserves may include “potential” reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. October 19, 2020. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips' legal advisor. 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. The transaction combines two high-quality industry leaders to create a company with an approximately $60 billion enterprise value that will offer stakeholders a superior investment choice for sustainable performance and returns through cycles. ConocoPhillips Gushes Red as Oil Price Volatility Weighs ... announcing that it had agreed to acquire Concho Resources ... Stock Advisor launched in February of 2002. It would likely surpass Chevron Corp.’s all-stock acquisition of Noble Energy Inc., which was valued at about $11.8 billion including debt when it closed in October. By 2022, ConocoPhillips (COP) is likely to save cost and capital of $500 million through disciplined capital allocation. ConocoPhillips Wades Deeper Into Permian With Concho Acquisition Rich Duprey 10/19/2020 Oregon's Democratic Party offices vandalized in post-inauguration protests ConocoPhillips to Hold Third-Quarter Earnings Conference Call on Thursday, Oct. 29. 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. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about ConocoPhillips, Concho Resources and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Thus, if ConocoPhillips and Concho really were floating a trial balloon on a merger last week, it appears to have come back positive. In the meantime, an integration planning team consisting of representatives from both companies will be formed to ensure required business processes and programs are implemented seamlessly post-closing. The completion of the transaction is subject to customary closing conditions including shareholder approvals and regulatory clearances, and is expected to close in Q1-2021. The transaction is subject to the approval of both ConocoPhillips and Concho stockholders, regulatory clearance and other customary closing conditions. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. 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. 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. 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. For more information about Concho, visit www.concho.com. Sullivan & Cromwell LLP is acting as legal advisor to Concho. We look forward to bringing together our complementary operations, teams and cultures to realize the upside potential of this exciting combination.”. You may obtain free copies of these documents from ConocoPhillips or Concho Resources using the sources indicated above. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics. Forward-looking statements represent management’s current expectations and are inherently uncertain and are made only as of the date hereof. ConocoPhillips said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. For more information, go to www.conocophillips.com. By clicking accept, you consent to the use of cookies while browsing this site. ConocoPhillips and Concho urge you to read carefully the remainder of this document because the information in this section may not provide all the information that might be important to you in determining how to vote. Returns as of 01/14/2021. Have a confidential tip for our reporters? No final decision has been made and talks could fall through, the people said. Please review www.conocophillips.com/concho for more information. 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. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have … ConocoPhillips joined the recent wave of merger and acquisition (M&A) activity in the oil patch by agreeing to acquire Concho Resources (NYSE: CXO). Free cash flow is cash provided by operating activities excluding operating working capital in excess of capital expenditures and investments. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles All-Stock Transaction Valued at … U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. 'Concho is a tremendous fit with ConocoPhillips. ConocoPhillips and Concho Resources ConocoPhillips is a massive $40 billion company that took advantage of the COVID-19 related downturn to acquire Concho … We appreciate the strong support for this transaction from the shareholders of both companies, which we view as further affirmation of the significant benefits it will deliver, said Ryan Lance, ConocoPhillips […] • ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. If no carbon tax exists for the asset, it is not included in this metric. ConocoPhillips and Concho will each file the vote results for their respective special shareholder meetings on a Form 8-K with the U.S. Securities and Exchange Commission. 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. ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (Concho) (NYSE: CXO) following approval by shareholders of both companies. 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. A deal between the two companies would make “strategic and financial sense,” JPMorgan Chase & Co. analysts led by Phil Gresh wrote in a note Wednesday, adding that acquiring Concho would be accretive on most metrics and provide “critical mass” to Conoco’s position in the Permian. Additional information regarding this transaction and accompanying presentation can be found on the ConocoPhillips Investor Relations website and in filings with the Securities and Exchange Commission (the “SEC”). Concho’s 2.4% bonds due 2031 rose as much as 5.8 cents on the dollar to 102.1 cents, the biggest intraday increase on record, according to Trace data compiled by Bloomberg. ConocoPhillips will acquire rival Concho Resources in an all-stock deal valued at $9.7 billion. Fried Frank acted as counsel to Goldman Sachs as financial advisor to ConocoPhilips in its definitive agreement to merge with Concho Resources Inc., a transaction with an enterprise value of US$60 billion. Conoco shares climbed 1% to $35.25, translating into a market value of almost $38 billion. ConocoPhillips … This transaction will enhance the company’s competitive position in Midland. Highlights of the transaction include: “The leadership and boards of both companies believe today’s transaction is an affirmation of our commitment to lead a structural change for our vital industry,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. ConocoPhillips Provides Preliminary Third-Quarter 2020 Operational and Financial Update and Announces Intent to… September 30, 2020. Sullivan & Cromwell LLP is acting as legal advisor to Concho. “We’re looking at asset deals, we’re looking at corporate deals, we look across the board,” he said at the time. CFO is calculated by removing the impact from operating working capital from cash provided by operating activities. — With assistance by Simon Casey, and Allison McNeely, Energy producers could announce deal in next few weeks, Explorers are seeking to bulk up in productive Permian Basin. This communication relates to a proposed business combination transaction between ConocoPhillips and Concho Resources. Media Relations John Roper 281-293-1451 media@conocophillips.com, Investor Relations 281-293-5000 investor.relations@conocophillips.com. GameStop’s Volatile Rally Smashes Wall Street Price Targets, Merck Shuts Down Covid Vaccine Program After Lackluster Data, GameStop Short-Sellers Reload Bets After $6 Billion Loss, It Seems Money Does Buy Happiness After All, Tech Leads Stock Gains Ahead of Megacap Earnings: Markets Wrap. 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. Lance continued, “Opportunities to consolidate quality on the scale of these two companies do not come along often, so we are seizing this moment to create a company to lead the necessary transformation of our vital sector for the benefit for all stakeholders in the future.”. To listen to the call and view related presentation materials, go to www.conocophillips.com/investor. 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