All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics. 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. • A financial framework that delivers greater than 30 percent of cash from operations via compelling dividends and additional distributions. Elevated commitment to environmental, social and governance excellence with a newly adopted Paris-Aligned Climate Risk strategy, available at. ConocoPhillips, Concho and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Merger. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of ConocoPhillips and Concho Resources. ConocoPhillips and Concho Resources complete merger Carlsbad Current-Argus, New Mexico 23:03 20-Jan-21. Submitted EOI for severance package.... waiting for Concho acquisition to be approved and acceptance of EOI. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. 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. October 9, 2020. ConocoPhillips will acquire rival Concho Resources in an all-stock deal valued at $9.7 billion. 'Concho is a tremendous fit with ConocoPhillips. Visit our Cookie Policy for more information. 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. • ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. A purchase of Concho, which has an enterprise value of $13.4 billion, could become the year’s largest takeover of an oil and gas company, according to data compiled by Bloomberg. Financial advisor to ConocoPhillips: Goldman Sachs 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. Sullivan & Cromwell LLP is acting as legal advisor to Concho. ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have … A timeline of the controversial … ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have … ConocoPhillips and Concho commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about December 11, 2020. In light of the pending merger, ConocoPhillips has suspended share repurchases until after the transaction closes. 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. The transaction is subject to the approval of both ConocoPhillips and Concho stockholders, regulatory clearance and other customary closing conditions. The deal values Concho Resources at $49.30 a share. 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. Copies are available from the SEC and from the ConocoPhillips website. ConocoPhillips Provides Preliminary Third-Quarter 2020 Operational and Financial Update and Announces Intent to… September 30, 2020. We are working today to deliver a better tomorrow for our shareholders, people and communities. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that ConocoPhillips or Concho Resources may file with the SEC. ConocoPhillips to Buy Shale Rival Concho for $9.7 Billion All-stock deal is the latest in a series of combinations in the U.S. oil patch, which has been hit hard by the coronavirus pandemic 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. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. ConocoPhillips closes Concho Resources acquisition Bizjournals 08:14 20-Jan-21. 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. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees at June 30, 2020. … ConocoPhillips has also created a section of its web site to keep its stakeholders apprised of the process. ConocoPhillips Gushes Red as Oil Price Volatility Weighs ... announcing that it had agreed to acquire Concho Resources ... Stock Advisor launched in February of 2002. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. 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. 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, 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. ConocoPhillips joined the recent wave of merger and acquisition (M&A) activity in the oil patch by agreeing to acquire Concho Resources (NYSE: CXO). J.P. Morgan analyst Phil Gresh says Concho has strong confidence that it has assembled the highest quality inventory in the Permian Basin, and shareholders are looking for a … ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles. This communication relates to a proposed business combination transaction between ConocoPhillips and Concho Resources. This transaction will enhance the company’s competitive position in Midland. We look forward to bringing together our complementary operations, teams and cultures to realize the upside potential of this exciting combination.”. Forward-looking statements relate to future events and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, and the anticipated closing date for the proposed transaction and other aspects of our operations or operating results. 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. The potential combination would be the latest sign that long-expected consolidation in the shale patch has finally arrived. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. 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. Media Relations John Roper 281-293-1451 media@conocophillips.com, Investor Relations 281-293-5000 investor.relations@conocophillips.com. 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. 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. 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. 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. “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 … 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. 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. 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. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles . ConocoPhillips Completes Concho Acquisition; Tim Leach Joins Leadership Hart Energy 10:09 19-Jan-21. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles All-Stock Transaction Valued at … However, these statements are not guarantees of future performance and involve certain risks, uncertainties, and other factors beyond our control. 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. Sullivan & Cromwell LLP is acting as legal advisor to Concho. 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”). By clicking accept, you consent to the use of cookies while browsing this site. ConocoPhillips to Hold Third-Quarter Earnings Conference Call on Thursday, Oct. 29. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. — 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. 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. In addition, ConocoPhillips announced that it has increased the exchange consideration for Existing Concho Notes validly tendered after the Early Tender … 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. Concho had $3.9 billion in … Information about the directors and executive officers of Concho Resources, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Concho’s proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 16, 2020, and Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 19, 2020. ConocoPhillips and Concho Resources ConocoPhillips is a massive $40 billion company that took advantage of the COVID-19 related downturn to acquire Concho … The transaction is expected to close in the first quarter of 2021. 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. Returns as of 01/14/2021. 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. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. 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. 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. Submitted EOI for severance package.... waiting for Concho acquisition to be approved and acceptance of EOI. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. Before it's here, it's on the Bloomberg Terminal. 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. 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. Investor Relations Megan P. Hays Vice President of Investor Relations & Public Affairs 432-685-2533, Michael Healey Manager of Investor Relations432-818-1387. This news release also contains the terms transaction value, enterprise value, leverage ratio and cost of supply. 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. Fully burdened includes capital infrastructure, foreign exchange, price-related inflation, G&A and carbon tax (if currently assessed). Thus, if ConocoPhillips and Concho really were floating a trial balloon on a merger last week, it appears to have come back positive. 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. October 19, 2020. 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. 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 […] Please review www.conocophillips.com/concho for more information. By 2022, ConocoPhillips (COP) is likely to save cost and capital of $500 million through disciplined capital allocation. All Advisor; The Best Credit Cards Of 2021. Sullivan & Cromwell LLP is acting as legal advisor to Concho. The following important factors and uncertainties, among others, could cause actual results or events to differ materially from those described in these forward-looking statements: the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of ConocoPhillips’ business; ConocoPhillips’ ability to collect payments when due under ConocoPhillips’ settlement agreement with PDVSA; ConocoPhillips’ ability to collect payments from the government of Venezuela as ordered by the ICSID; ConocoPhillips’ ability to liquidate the common stock issued to ConocoPhillips by Cenovus Energy Inc. at prices ConocoPhillips deems acceptable, or at all; ConocoPhillips’ ability to complete ConocoPhillips’ other announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for ConocoPhillips’ other announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of such announced dispositions, acquisitions or ConocoPhillips’ remaining business; business disruptions during or following ConocoPhillips’ other announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from such dispositions in the manner and timeframe ConocoPhillips currently anticipates, if at all; potential liability for remedial actions under existing or future environmental regulations and adverse results in litigation matters, including the potential for litigation related to the proposed transaction; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in fiscal regime or tax, environmental and other laws applicable to the combined company’s business; disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; ConocoPhillips’ ability to successfully integrate Concho’s businesses and technologies; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner, or at all; the risk that ConocoPhillips or Concho Resources will be unable to retain and hire key personnel; the risk associated with ConocoPhillips’ and Concho’s ability to obtain the approvals of their respective stockholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; uncertainty as to the long-term value of ConocoPhillips’ common stock; and the diversion of management time on transaction-related matters. 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