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-康菲石油(NYSE: COP)和Concho Resources (NYSE: CXO)今日宣布,双方已达成最终协议,以全股票交易方式合并公司。根据事务,一致通过每个公司的董事会,每股Concho资源(Concho)普通股将转换为一个固定的比率1.46股的康菲石油公司普通股,代表10月13日收盘股价有15%的溢价。该交易合并了两家高质量的行业领导者,创建了一家企业价值约600亿美元的公司,将为利益相关者提供一个良好的投资选择,以实现可持续的业绩和周期回报。交易要点包括:

  • 两种最佳资产组合将创造约230亿桶油当量的资源基础,WTI的供应成本低于40美元/桶,平均供应成本低于30美元/桶。
  • 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.garage-suites.com.

康菲石油董事长兼首席执行官Ryan Lance表示:“两家公司的领导层和董事会都认为,今天的交易是对我们承诺的一种肯定,即领导我们至关重要的行业进行结构变革。”“ConocoPhillips非常适合Concho。康菲和康乔将在我们业务的重要价值驱动因素上拥有无与伦比的规模和质量:令人羡慕的低成本供应资产基础、强大的资产负债表、严格的资本配置方法、卓越的ESG和优秀的员工。重要的是,该交易符合我们长期声明的、明确的并购标准,因为它完全符合我们的财务和运营框架。”

“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:

交易的基本原理和好处

    • 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规模、最佳资产、财务实力和运营能力的组合。新成立的康菲石油公司将成为最大的独立油气公司,预计日产量超过150万桶油当量。
    • 电源资源基础的大规模,多样化,低成本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30美元/桶WTI。该交易将特拉华州和米德兰盆地相邻且互补的“核心-核心”区域整合在一起,打造了一个非常规油气巨头,包括美国本土48州Eagle Ford、Bakken和加拿大Montney的领先区块。扩大后的二叠纪油田是对康菲其他全球多元化、低资本密集度的传统油田的有力补充。
    • 纪律资本分配标准将推动投资决策:公司的投资组合将根据价值和自由现金流进行开发。该公司的目标是将运营现金的平均再投资比例控制在70%以下,以确保产生足够的自由现金流,为股东提供有吸引力的资本回报。
    • 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都是公认的油气技术和运营的领导者。作为整合计划的一部分,该公司将采用“最佳实践”方法,分享经验,并选择北美非常规油气投资组合的最佳实践。
    • 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。
    • 两家公司都拥有卓越的ESG记录和承诺:这一组合为引领该行业进入能源转型和低碳未来创造了一个平台。合并后的公司将成为第一家采用巴黎气候风险战略的美国油气公司,以实现到2050年实现净零排放的目标(Scope 1和Scope 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

此次交易还需获得康菲石油和康乔石油公司股东的批准、监管机构的批准以及其他惯例成交条件。该交易预计将于2021年第一季度完成。同时,将成立由两家公司代表组成的集成计划团队,以确保所需的业务流程和项目在关闭后无缝执行。考虑到即将进行的合并,康菲石油已暂停股票回购,直到交易完成。

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。东部时间来讨论这个公告。如需收听通话并查看相关演示材料,请参见www.garage-suites.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。

额外的信息

有关此次交易的更多信息和演示文件可在康菲投资者关系网站和提交给美国证券交易委员会(SEC)的文件中找到。康菲石油公司还在其网站上设立了一个版块,以便让其股东了解收购过程。请检查www.garage-suites.com/concho.为更多的信息。

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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.garage-suites.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.

没有提供或征集沟通——这并不打算,不得构成购买或出售要约或要约购买或出售任何的征集证券,或要求任何投票或批准,不得有任何出售证券的任何管辖权的报价,根据任何该等司法管辖区的证券法,在注册或取得资格之前进行招揽或出售均属非法。不得发行证券,除非通过符合1933年美国证券法第10条(经修订)要求的招股书。

有关合并的其他信息以及在哪里找到它-康菲石油拟向美国证券交易委员会提交一份注册声明(Form S-4),其中包括康菲石油和Concho Resources的联合代理声明,该声明也构成康菲石油的招股说明书。康菲石油公司和康乔资源公司还可以就拟议的交易向美国证券交易委员会提交其他相关文件。这个文档不是一个替代联合签署的委托书/招股说明书或登记声明或任何其他文档,康菲石油或Concho资源可能与美国证券交易委员会文件。的联合签署的委托书/招股说明书(如果可用)将寄给股东的康菲石油公司和Concho资源。请投资者和证券持有人阅读注册声明、联合委托书/招股说明书和其他可能提交给证券交易委员会的相关文件,以及对这些文件的任何修改或补充,当它们变得可用时,要小心地完整地使用它们,因为它们包含或将包含有关拟议事务的重要信息。投资者和证券持有人将能够获得免费的注册声明、联合委托书/招股说明书(如果有的话)和其他包含康菲石油、康乔资源和拟议交易重要信息的文件副本,一旦这些文件通过美国证券交易委员会维护的网站提交到美国证券交易委员会http://www.sec.gov..康菲石油公司向美国证券交易委员会提交的文件副本可在康菲石油公司的网站上免费获得,网址是://www.garage-suites.com或通过电子邮件联系康菲石油的投资者关系部门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/

参与征集活动的人士-康菲石油公司、康乔资源公司及其各自的董事和行政人员可能被视为参与了拟议交易的代理邀请。康菲石油公司的董事和高管的信息,包括他们的直接或间接利益的描述,提出通过安全持有或否则,康菲石油公司的代理为其2020年年度股东大会声明,向美国证券交易委员会在3月30日,2020年,康菲石油公司于2020年2月18日向SEC提交的截至2019年12月31日的财政年度10-K表格,以及康菲石油公司于2020年5月20日和2020年9月8日向SEC提交的8- k表格。Concho Resources董事和高管的信息,包括通过证券持股或其他方式对其直接或间接利益的描述,载于2020年3月16日提交给SEC的2020年年度股东大会委托书中。以及Concho截至2019年12月31日财年的10-K表格年度报告,该报告于2020年2月19日提交给SEC。其他信息有关代理请求的参与者和他们的直接和间接利益的描述,通过安全持有或否则,将包含在联合签署的委托书/招股说明书及其他相关材料向证券交易委员会提交关于拟议的交易当这样的材料可用。在作出任何投票或投资决定前,投资者应仔细阅读联合委托书/招股说明书。您可以使用上述来源从康菲石油公司或ConocoPhillips Concho Resources获得这些文件的免费副本。

给美国投资者的警告- 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.

非公认会计准则财务信息和其他条款-本新闻稿包含某些未按照公认会计准则编制的财务指标,包括运营现金(CFO)、自由现金流和净债务。CFO的计算方法是从经营活动提供的现金中除去经营营运资金的影响。自由现金流是指经营活动提供的现金,不包括经营营运资本超出资本支出和投资的部分。净债务的定义是总债务减去现金、现金等价物和短期投资。该新闻稿还包含交易价值、企业价值、杠杆率和供应成本等条款。交易价值代表预计将发行的股票,以2020年10月16日康菲石油的收盘价计算,固定汇率为1.46。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用净负债除以运营现金。供应成本是相当于WTI的价格,在预先和完全负担的基础上产生10%的税后回报。完全负担的包括资本基础设施、外汇、价格相关通胀、一般管理费用和碳税(如果目前进行评估)。 If no carbon tax exists for the asset, it is not included in this metric. All barrels of resource are discounted at 10 percent.