Conocophillips获得全体股票交易中的Concho资源

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在共享视觉上建立的康诺菲利普斯和Concho资源组合通过价格周期提供优越的回报

所有股票交易价值为9.7亿美元的荣誉经过验证的金融框架,预计会在共识关键金融指标上积累

休斯顿和米德兰- Conocophillips(纽约证券交易所代码:COP)和Concho Resources(纽约证券交易所)(纽约证券交易所代表:CXO)今天宣布他们已签订了将公司联合在全体股票交易中的最终协议。根据交易条款,该条款由每家公司董事会一致批准,每个公司的每股份额(Concho)常见股票将兑换为期1.46股孔削股票的固定比例,代表15%10月13日汇价截止股价。该交易结合了两家高素质的行业领导者,以创建一家拥有约600亿美元的企业价值,将使利益相关者提供卓越的可持续业绩的投资选择,并通过周期返回。交易的亮点包括:

  • 这两个最优秀的资产组合创造了约230亿桶油当量的资源基础,而WTI的供应成本低于每桶40美元,WTI的平均供应成本低于每桶30美元。
  • 高质量的资产负债表,可提供卓越的可持续性,弹性和跨价格周期的灵活性。
  • Conocophillips和Concho期望在2022年度占据5亿美元的年度成本和资本储蓄。
  • 经济框架通过令人信服的股息和额外的分配方式提供超过30%的现金现金。
  • 对新采用的巴黎对齐的气候风险战略进行了对环境,社会和治理卓越的承诺,可用www.felipeseade.com.

“两家公司的领导和董事会认为,今天的交易是对我们对重要产业带来结构性变化的承诺的肯定,”康森菲斯董事长和首席执行官Ryan Lance说。“Concho是一种巨大的康菲利普斯。在我们的业务中,康菲利普斯和科学院将在我们业务的重要价值驱动因素中具有无与伦比的规模和质量:一种令人羡慕的资产基础成本,强大的资产负债表,纪律资本分配方法,ESG卓越和伟大的人。重要的是,交易符合我们的长期和明确标准,因为它与我们的财务和业务框架完全一致。“

“通过这种组合,我们正在加入多元化的能源公司,更加规模和资源,以创造当今市场及其他市场的股东价值,”Concho资源董事长兼首席执行官蒂姆·莱普表示。“感谢我们的团队,Concho是美国最大的非传统页岩生产商之一,具有高质量的资产基础,卓越的卓越文化,安全和效率,以及强大的资产负债表。通过合并,我们将对未来的商业模式应用我们的资产,能力和卓越的表现,创造一个更好的资本化公司,增强资本纪律,更灵活性和对可持续性的坚定承诺。从我们的力量和鉴于市场趋势的地位,我们的董事会和管理团队评估了广泛的选择,并一致确定与康诺菲斯结合的是Concho和我们股东的最佳道路。我们期待着汇集我们的互补行动,团队和文化来实现这一令人兴奋的组合的上行潜力。“

今天的交易将两家公司汇集在一起​​领导,资产和资本分配方法,以产生不断增长的自由现金流量,由一系列的投资级资产负债表提供支持,为投资者提供可持续性,弹性和灵活性。合并的公司将跨部门基本面具有竞争优势:

交易理由和福利

    • 联合组合创建领先公司,规模和相关性:该交易提供了令人信服的尺寸,级别资产,财务实力和运营能力的组合。新的康菲石油将是最大的独立石油和天然气公司,Pro Forma每天生产超过150万桶油(MMBoed)。
    • 大规模、多样化、低成本的供应资源基础,提供多年的高价值投资:合并后的公司将拥有约230亿桶油当量(BBOE)资源,平均供应成本低于每桶30美元WTI。该交易将横跨Delaware和Midland盆地的连续和互补的“核心-核心”区块位置整合在一起,以创建一个非常规的发电站,还包括在美国48州南部的Eagle Ford和Bakken以及加拿大的Montney的领先位置。扩大后的二叠纪盆地为康菲其他全球多元化、低资本密集度的传统业务提供了强有力的补充。
    • 纪律资本分配标准将推动投资决策:该公司的投资组合将用于价值和自由现金流。该公司将针对业务的平均再投资水平少于70%的现金,以确保足够的自由现金流成,以资助股东资本的引人注目的回报。
    • 大量成本和资本储蓄将推动隆起的价值和持续成本的结构改进:这些公司宣布他们希望在2022年度捕获5亿美元的年度成本和资本储蓄。所确定的储蓄将来自较低的一般和行政费用,并减少孔削未来全球新企业勘探计划。这种扩展的康诺菲利普斯有机资源加法计划是通过添加Concho的大型低成本资源基础驱动的。这些成本减少估计尚未包含额外的供应链,商业和钻井和完成资本效率储蓄。
    • 经过验证的技术和运营专业知识将在整个组合中应用以解锁价值:Conocophillips和Concho都是石油和天然气技术和运营中的认可领导者。作为计划融合的一部分,该公司将采用“最佳实践”方法,将分享学习,选择重点的最佳做法,专注于北美非传统组合。
    • 高质量的资产负债表通过周期提供弹性,并支持对资本的可持续股东的承诺:Conocophillips将根据需要提供额外分布的额外分配的引人注目的普通股息,以满足其从业务的现金的目标分配。该公司寻求在价格周期中保持强大的投资级信用评级。截至2020年6月30日,截至2020年6月30日,净额约为120亿美元,截至2021年,净额约为120亿美元,净额为120亿美元。
    • 该公司分享卓越的绩效记录和承诺:该组合创建了一个推导扇区进入能源转换和低碳的平台。合并的实体将是第一个采用巴黎对齐的气候风险战略的美国石油和天然气公司,以满足2050年的净零排放野心的业务(范围1和范围2)。

领导和治理

结束后,Concho的董事长和首席执行官蒂姆·艾德将加入董事会董事会和执行领导团队作为执行副总裁兼总裁,下降48.此次交易将提升公司在米德兰的竞争力地位。

交易明细

该交易须批准康菲利普斯和科技股东,监管清关及其他习惯性收缩条件。该交易预计将于2021年的第一季度关闭。与此同时,将形成由两家公司的代表组成的一体化规划团队,以确保所需的业务流程和计划无缝结束后实施。鉴于待定的合并,康菲利普斯在交易关闭后暂停股票回购。

Lance继续说:“在这两家公司的规模上巩固质量的机会不经常出现,所以我们正在抓住这一刻,创造一家公司,以引领我们将来所有利益攸关方的利益导致我们的重要部门的必要转变。“

康菲石油公司将于今天上午8点召开电话会议。请听东部时间的报道。要听电话和查看相关的演示材料,请登录www.felipeseade.com/investor.

顾问

Goldman Sachs&Co.LLC作为Conocophillips的独家财务顾问,Wachtell,Lipton,Rosen&Katz担任Conocophillips的法律顾问。Credit Suisse Securities(美国)LLC和J.P. Morgan Securities LLC作为Concho的财务顾问。Sullivan&Cromwell LLP作为Concho的法律顾问。

附加信息

有关此交易和随附的介绍的其他信息可以在Conocophillips投资者关系网站和证券交易委员会申请(“SEC”)上找到。Conocophillips还创建了一部分网站,以防止其利益相关者了解该过程。请查阅www.felipeseade.com/concho.想要查询更多的信息。

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关于Conocophillips.

总部位于德克萨斯州休斯顿,康菲石油省在16个国家,630亿美元的总资产和约9,700名员工在2020年6月30日的员工中举行了行动和活动。截至6月30日止六个月的利比亚的产量均在2020年6月30日截止的六个月内,并证明储备截至2019年12月31日,均为5.3 Bboe。有关更多信息,请访问www.felipeseade.com.

联系人

媒体关系
John Roper.
281-293-1451
media@conocophillips.com.

投资者关系
281-293-5000.
Investor.relations@conocophillips.com.

关于Concho资源

Concho Resources(纽约证券交易所代码:CXO)是二叠系盆地最大的非传统页岩生产商之一,其业务集中在安全有效地发展石油和天然气资源。我们今天正在工作,为我们的股东,人民和社区提供更好的明天。有关Concho的更多信息,请访问www.concho.com.

联系人

投资者关系
梅根P. Hays.
投资者关系与公共事务副总裁
432-685-2533

迈克尔希利
投资者关系经理
432-818-1387

前瞻性陈述

此通信涉及康菲石油公司和Concho资源之间提出的业务组合事务。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. 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. 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. However, these statements are not guarantees of future performance and involve certain risks, uncertainties, and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. 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. 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. 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. 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. Forward-looking statements represent management’s current expectations and are inherently uncertain and are made only as of the date hereof. 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.

没有提供或征集- 此沟通不旨在并不应构成购买或销售或征求购买或销售任何证券或征求任何投票或批准的要约的要约,也不应在任何管辖范围内销售证券在任何此类管辖权的证券法下的登记或资格之前,此类要约,请求或销售将是非法的。除了满足1933年美国证券法案第10条的规定,除了招股说明书,否则不得提出证券。

有关合并的其他信息以及在哪里找到它- 与拟议的交易有关,Conocophillips打算提交关于表格S-4的注册陈述,其中包括Conocophillips和Concho资源的联合代理陈述,也构成了康诺菲利普斯的招股章程。每个Conocophillips和Concho资源也可以通过关于拟议交易的SEC提交其他相关文件。本文档不是联合代理声明/招股说明书或注册声明或任何其他文件的替代品,或者康诺菲利普斯或Concho资源可以提交秒。最终的联合代理声明/招股说明书(如果和何时可用)将邮寄给康诺菲斯和科学资源的股东。敦促投资者和安全持有人阅读注册声明,联合代理声明/招股说明书和任何其他可以用SEC提交的任何其他相关文件,以及这些文件的任何修正案或补充,仔细及其全部内容可用,因为它们包含或将包含有关拟议交易的重要信息。投资者和安全持有人将能够获取登记声明和联合代理声明/招股说明书/招股说明书(如果和何时可用)和其他文件,其中包含有关康诺菲斯,科学资源资源和拟议交易的重要信息,一旦提交了此类文件通过由SEC维护的网站http://www.sec.gov.。Conocophillips网站将免费提供与康诺菲省委员会提交的文件的副本//www.felipeseade.com.或通过电子邮件联系Conocophillips投资者关系部门Investor.relations@conocophillips.com.或通过电话在281-293-5000。通过Concho资源提交的文件的文件副本将在Concho的网站上免费提供https://ir.concho.com/investors/

征集参与者- Conocophillips,Concho资源和各自的各自董事和执行人员可能被视为参与者在拟议交易方面征求代表。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. 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. 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. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from ConocoPhillips or Concho Resources using the sources indicated above.

向美国投资者提出警示- SEC允许石油和天然气公司在其与SEC的申请中,仅披露,仅透露,可能和可能的储备。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. 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. Copies are available from the SEC and from the ConocoPhillips website.

非GAAP财务信息和其他条款-此新闻稿包含某些财务措施,不按照公认会计准则准备,包括营运现金(CFO),自由现金流和净债务。财务总监的计算方法是将经营活动所提供的现金从经营营运资本中剔除。自由现金流是指经营活动提供的现金,不包括经营营运资金超过资本支出和投资。净债务是指债务总额减去现金、现金等价物和短期投资。该新闻稿还包含了交易价值、企业价值、杠杆率和供给成本等条款。交易价值代表了预计将发行的股票,固定汇率为1.46,以2020年10月16日康菲公司的收盘价计算。合并后的公司企业价值包含在这个版本基于净债务的总和计算截至6月30日,2020年,现有已发行股票对康菲石油公司和预期假设固定的转化率,发行股票以康菲石油公司”于2020年10月16日收盘价。杠杆率的计算方法是净负债除以营运现金。供应成本是WTI当量价格,在点位向前和完全负担的基础上产生10%的税后回报。全部负担包括资本基础设施、外汇、价格相关通胀、一般与行政费用和碳税(如果目前评估的话)。 If no carbon tax exists for the asset, it is not included in this metric. All barrels of resource are discounted at 10 percent.