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. 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 Hold Third-Quarter Earnings Conference Call on Thursday, Oct. 29. This news release also contains the terms transaction value, enterprise value, leverage ratio and cost of supply. 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 […] The transaction is subject to the approval of both ConocoPhillips and Concho stockholders, regulatory clearance and other customary closing conditions. However, these statements are not guarantees of future performance and involve certain risks, uncertainties, and other factors beyond our control. 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. Elevated commitment to environmental, social and governance excellence with a newly adopted Paris-Aligned Climate Risk strategy, available at. Financial advisor to ConocoPhillips: Goldman Sachs 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. “We’re looking at asset deals, we’re looking at corporate deals, we look across the board,” he said at the time. Media Relations John Roper 281-293-1451 media@conocophillips.com, Investor Relations 281-293-5000 investor.relations@conocophillips.com. 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. 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. ConocoPhillips has also created a section of its web site to keep its stakeholders apprised of the process. 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. Copies are available from the SEC and from the ConocoPhillips website. 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. You may obtain free copies of these documents from ConocoPhillips or Concho Resources using the sources indicated above. 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. ConocoPhillips Acquires Concho Rigzone 19:28 18-Jan-21. Please review www.conocophillips.com/concho for more information. October 9, 2020. No final decision has been made and talks could fall through, the people said. Thus, if ConocoPhillips and Concho really were floating a trial balloon on a merger last week, it appears to have come back positive. ConocoPhillips is in talks to acquire rival Concho Resources Inc., according to people familiar with the matter, as one of America’s largest independent oil explorers looks to make a bold bet on shale during an historic industry downturn. 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. • ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. Sullivan & Cromwell LLP is acting as legal advisor to Concho. Sullivan & Cromwell LLP is acting as legal advisor to Concho. 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. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. ConocoPhillips said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. 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. 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. Advisor at ConocoPhillips Oklahoma State University 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. Concho shares climbed as much as 15% in New York trading Wednesday, the most since April. Investor Relations Megan P. Hays Vice President of Investor Relations & Public Affairs 432-685-2533, Michael Healey Manager of Investor Relations432-818-1387. Advisor at ConocoPhillips Oklahoma State University ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an … 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. Copies of the documents filed with the SEC by Concho Resources will be available free of charge on Concho’s website at https://ir.concho.com/investors/. October 19, 2020. 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. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. 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 Wades Deeper Into Permian With Concho Acquisition Rich Duprey 10/19/2020 Oregon's Democratic Party offices vandalized in post-inauguration protests Net debt is defined as total debt less cash, cash equivalents and short-term investments. 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 … 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. This transaction will enhance the company’s competitive position in Midland. 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. Goldman Sachs is acting as exclusive financial advisor to ConocoPhillips, while Credit Suisse Securities and JP Morgan are advising Concho on the deal. Concho had $3.9 billion in … Leverage ratio is calculated by taking net debt divided by cash from operations. ConocoPhillips Completes Concho Acquisition; Tim Leach Joins Leadership Hart Energy 10:09 19-Jan-21. Forward-looking statements represent management’s current expectations and are inherently uncertain and are made only as of the date hereof. 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. If no carbon tax exists for the asset, it is not included in this metric. 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. 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. 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. 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. ConocoPhillips Gushes Red as Oil Price Volatility Weighs ... announcing that it had agreed to acquire Concho Resources ... Stock Advisor launched in February of 2002. 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. By clicking accept, you consent to the use of cookies while browsing this site. 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.”. 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. 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 … 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. ConocoPhillips Announces Increase in Quarterly Dividend. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of ConocoPhillips and Concho Resources. 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. This communication relates to a proposed business combination transaction between ConocoPhillips and Concho Resources. 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. 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. 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. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have … ConocoPhillips (COP - Free Report) recently announced the completion of the Concho Resources acquisition, following the receipt of shareholder approvals … High-quality balance sheet that offers superior sustainability, resilience and flexibility across price cycles. 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. Representatives for Conoco and Concho didn’t immediately respond to requests for comment. Sullivan & Cromwell LLP is acting as legal advisor to Concho. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. A financial framework that delivers greater than 30 percent of cash from operations via compelling dividends and additional distributions. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips' legal advisor. … 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 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. Have a confidential tip for our reporters? Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. 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. “Thanks to our team, Concho is one of the largest unconventional shale producers in the United States, with a high-quality asset base, a culture of operational excellence, safety and efficiency, and a strong balance sheet. 15.01.2021 - ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) … We look forward to bringing together our complementary operations, teams and cultures to realize the upside potential of this exciting combination.”. ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings by 2022. “Concho is a tremendous fit with ConocoPhillips. ConocoPhillips and Concho Resources complete merger Carlsbad Current-Argus, New Mexico 23:03 20-Jan-21. Advisors Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. 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. — 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. “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 … 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. 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. 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. Concho has drilling rights on about 800,000 gross acres in the Permian, according to a September investor presentation. Submitted EOI for severance package.... waiting for Concho acquisition to be approved and acceptance of EOI. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. 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. 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. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. 'Concho is a tremendous fit with ConocoPhillips. 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. 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. All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics . 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. From our position of strength and in light of market trends, our board of directors and management team evaluated a wide range of options and unanimously determined that combining with ConocoPhillips is the best path forward for Concho and our shareholders. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles. 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. Legal advisor to ConocoPhillips: Wachtell, Lipton, Rosen & Katz. ConocoPhillips is in talks to acquire rival Concho Resources Inc., according to people familiar with the matter, as one of America’s largest independent oil explorers looks … In light of the pending merger, ConocoPhillips has suspended share repurchases until after the transaction closes. 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. Each of ConocoPhillips and Concho Resources may also file other relevant documents with the SEC regarding the proposed transaction. All Advisor; The Best Credit Cards Of 2021. For more information, go to www.conocophillips.com. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles, All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics. 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. 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, ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (Concho) (NYSE: CXO) following approval by shareholders of both companies. In addition, ConocoPhillips announced that it has increased the exchange consideration for Existing Concho Notes validly tendered after the Early Tender … Submitted EOI for severance package.... waiting for Concho acquisition to be approved and acceptance of EOI. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. ConocoPhillips and Concho Resources ConocoPhillips is a massive $40 billion company that took advantage of the COVID-19 related downturn to acquire Concho … 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. 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. 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. 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”). ConocoPhillips joined the recent wave of merger and acquisition (M&A) activity in the oil patch by agreeing to acquire Concho Resources (NYSE: CXO). 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 Provides Preliminary Third-Quarter 2020 Operational and financial Update and Announces Intent conocophillips concho advisor September,. 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Copies are available from the SEC and from the ConocoPhillips website materials, to... And fully burdened includes capital infrastructure, foreign exchange, price-related inflation, G & and...: Wachtell, Lipton, Rosen & Katz its stakeholders apprised of the date hereof Public! The transaction is Expected to close in the shale patch has finally arrived are available the... Form 10-K and other factors beyond our control mailed to stockholders of ConocoPhillips and Concho stockholders, regulatory and. The SEC and from the SEC and from the SEC and from the website... A point-forward and fully burdened includes capital infrastructure, foreign exchange, price-related conocophillips concho advisor. Not forward-looking resilience and flexibility across price Cycles to listen to the use of cookies while this... The conocophillips concho advisor credit Cards of 2021 Concho acquisition to be approved and acceptance of EOI time to this... Was falling 1.05 % to $ 48.08 in trading Monday and was falling 1.05 % to 48.08...