In accordance with the terms of the merger agreement, each share of Concho common stock was converted into the right to receive 1.46 shares of ConocoPhillips common stock at the effective time of the merger. This website provides details about the acquisition. Houston-based ConocoPhillips (NYSE: COP) closed its massive $9.7 billion acquisition of Concho Resources on Jan. 15. ConocoPhillips has completed its acquisition of Concho Resources following approval by shareholders of both companies. In accordance with the terms of the merger agreement, each share of Concho common stock was converted into the right to receive 1.46 shares of ConocoPhillips common stock at the effective time of the merger. Wood Mackenzie has described the $9.7 billion deal as 'remarkable'. 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 … Speaking after ConocoPhillips announced it will take over Concho Resources in a $9.7 billion all-stock deal, Robert Clarke, vice president, Lower 48 upstream, at Wood Mackenzie, said: “The combination is remarkable. In fact, both companies have recently added or renovated offices here. ConocoPhillips acquires Concho Resources for $13.3 billion in the largest pure shale deal since 2011 ConocoPhillips is acquiring Permian heavyweight Concho Resources in an all-stock deal for $49.30 per share (total equity value of $9.7 billion) and a total enterprise value of $13.3 billion. Under the terms of the merger, Concho investors would trade each existing share for 1.46 ConocoPhillips share, a 15% premium over the closing price on … Shares of Concho declined 1.3% in New York trading Tuesday, giving the Midland, Texas-based company a market value of $8.7 billion. About ConocoPhillips ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) following approval by However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. 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. Under the merger agreement, the all-stock transaction will see Concho shareholders receive 1.46 shares of Conoco stock and will give the combined company a $60 billion enterprise value. ConocoPhillips and Concho agree to merger October 19, 2020 . ", Leading the sector into the energy transition and a low-carbon future, ConocoPhillips adopts Paris-Aligned Climate Risk Framework. Senator Ron Griggs has pre-filed a bill to amend the Local Economic Development Act to include businesses in unincorporated areas of a county. New Mexico’s legislative session also began this week, and our local delegates have already pre-filed several bills. Forward-Looking StatementsThis communication contains forward-looking statements as defined under the federal securities laws. Now they will add Concho's 800,000 gross acres. As anticipated, ConocoPhillips COP announced Monday morning that it has agreed to a deal to acquire big independent Permian Basin producer Concho … "This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors. "merger agreement") providing for the acquisition of Concho by ConocoPhillips pursuant to a mer ger between a wholly owned subsidiary of ConocoPhillips and Concho (which we refer to as the "merger"). There’s certainly a lot of work to do in this area in the future, so we are hoping for the best. ConocoPhillips has completed its acquisition of Concho Resources following approval by shareholders of both companies. ConocoPhillips (COP) and Concho Resources (CXO) $9.7bn merger information including expected completion date, offer price and contact details are displayed in the acquisition details table below.An invaluable buyout factsheet for traders and investors looking to trade the merger arbitrage spread. Concho also played a very important role in introducing us to many of the other energy companies in the area. Concho had $3.9 billion in … By clicking accept, you consent to the use of cookies while browsing this site. ConocoPhillips and Concho will each file the vote results for their respective special shareholder meetings on a Form 8-K with the US Securities and Exchange Commission. This would put our “cases per 100,000” rate at less than half of what it was during the previous two weeks. There were new 22 cases announced on Tuesday, and similar numbers on Monday and Sunday. They were one of the first oil and gas companies to partner with us for our annual energy summit and provided some of our best speakers over the years. Together, the two companies have a combined value of about $60 billion. ConocoPhillips stockholders as of the close of business on December 11, 2020, the record date, are invited to virtually attend a special meeting of ConocoPhillips stockholders 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. This website provides details about the acquisition. Except in the case of fraud or a willful and material breach, the monetary … Visit our Cookie Policy for more information. 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. ... hypothetical merger with Exxon Mobil. Your California Privacy Rights/Privacy Policy. ConocoPhillips-Concho Deal Reaction. Under the merger agreement, the all-stock transaction will see Concho shareholders receive 1.46 shares of Conoco stock and will give the combined company a $60 billion enterprise value. 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. ConocoPhillips said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. ConocoPhillips (COP) and Concho Resources (CXO) Merger Concho Resources (NASDAQ: CXO) & ConocoPhillips (NYSE: COP) Merger ConocoPhillips ( COP ) and Concho Resources ( CXO ) $9.7bn merger information including expected completion date , offer price and contact details are displayed in the acquisition details table below. It’s a deal. Here’s some positive news on the COVID-19 front- over the past three days, the number of positive tests for Eddy County have gone down considerably. IBD Live: A New Tool For Daily Stock Market Analysis ConocoPhillips (NYSE: COP) reported Friday that it has completed its acquisition of Concho Resources (NYSE: CXO), with shareholders of both firms having approved the combination. We expect the company to deliver differential performance on three key mandates: providing affordable energy to the world, generating superior returns on and of capital and demonstrating ESG leadership. ConocoPhillips announced in October that it was buying Concho for $9.7 billion. John C. Roper (media) 281-293-1451 john.c.roper@conocophillips.com, Investor Relations 281-293-5000 investor.relations@conocophillips.com. Both companies have had a strong presence in Eddy County and the Delaware Basin. Earlier this week, ConocoPhillips completed its acquisition of Concho Resources Inc. Holders of Concho Resources stock will receive 1.46 shares of ConocoPhillips stock. ConocoPhillips and Concho Resources on Monday announced they have entered into a definitive agreement to combine companies in an all-stock transaction worth $9.7 billion, Kallanish Energy reports. Conoco shares fell 1% to close at 34.53 on the stock market today. Each of ConocoPhillips and Concho … We had a great working relationship with Concho Resources Inc. over the years. U.S. oil producer ConocoPhillips is in talks to acquire shale producer Concho Resources Inc , Bloomberg News reported on Tuesday, citing people familiar with the matter. As we have stated many times, we still sit above the greatest oil and gas resource in the world. ConocoPhillips, Concho and Merger Sub have agreed that each will be entitled to an injunction or injunctions, or any other appropriate form of specific performance or equitable relief, to prevent breaches of the merger agreement and to enforce specifically the terms and provisions of the merger agreement. ConocoPhillips has completed its acquisition of Concho Resources. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. ConocoPhillips, Concho announce $9.7B merger. The merger has been approved by both companies’ board of directors. Concho jumped 10% to 48.66. Senator Gay Kernan has pre-filed two bills, one which would enable the use of a design and build system for certain Department of Transportation projects and one which would create a new pilot program to establish a transition from community colleges to state universities. ConocoPhillips and Concho commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about December 11, 2020. U.S. oil producer ConocoPhillips is in talks to acquire shale producer Concho Resources Inc , Bloomberg News reported on Tuesday, citing people familiar with the matter. However, the absence of these words does not mean that the statements are not forward-looking. In light of the pending merger, ConocoPhillips has suspended share repurchases until after the transaction closes. The MarketWatch News Department was not involved in the creation of this content. ConocoPhillips, Concho and Merger Sub have agreed that each will be entitled to an injunction or injunctions, or any other appropriate form of specific performance or equitable relief, to prevent breaches of the merger agreement and to enforce specifically the terms and provisions of the merger agreement. Representatives for ConocoPhillips and Concho did not immediately respond to Bloomberg's requests for comment. Concho jumped 10% to 48.66. In accordance with the terms of the merger agreement, each share of Concho common stock was converted into the right to receive 1.46 shares of ConocoPhillips common stock … Conoco was … After the deal closes, Concho chairman and CEO Tim Leach will join the ConocoPhillips’ board of directors and its executive leadership team as executive vice president and president of ConocoPhillips… In fact, both companies have recently added or renovated offices here. ConocoPhillips and Concho will each hold a virtual special meeting of its stockholders to consider certain matters relating to the mer ger. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration.It is based in the Energy Corridor district of Houston, Texas.. ConocoPhillips said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. Concho’s shares rose 0.7% to $48.96 at 9:32 a.m. in New York while Conoco’s dropped 0.3% to $33.67. Together, the two companies have a combined value of about $60 billion. by Joe Barone, Shale Directories in Blog. Such a deal could be the largest takeover of … ConocoPhillips acquires Concho Resources for $13.3 billion in the largest pure shale deal since 2011 ConocoPhillips is acquiring Permian heavyweight Concho Resources in an all-stock deal for $49.30 per share (total equity value of $9.7 billion) and a total enterprise value of $13.3 billion. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or 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 our 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 our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future 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 the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; 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; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. The deal with ConocoPhillips acquiring Concho will create the largest … Just in scale, ConocoPhillips is adding enough Permian production to nip at the heels of ExxonMobil’s massive programme. Concho Resources was the fifth-largest producer in the Permian Basin. Representatives for ConocoPhillips and Concho did not immediately respond to Bloomberg's requests for comment. Carlsbad Medical Center also reported that their positivity rate for tests on Tuesday was 11%. ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) following approval by shareholders of both companies. 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. As promised, Rep. Cathrynn Brown has filed HB 49, which would exempt Social Security payments from state income tax. Are you a Concho Royalty Interest Owner or Working Interest Owner? "This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors. We know we’ll be working together in the future. Each of ConocoPhillips and Concho will also file other relevant documents with the SEC regarding the Merger. In accordance with the terms of the merger agreement, each share of Concho common stock was converted into the right to receive 1.46 shares of ConocoPhillips common stock at the effective time of the merger. ConocoPhillips announced in October that it was buying Concho for $9.7 billion. Now some are seeking out merger and acquisition targets to reduce costs. ConocoPhillips already has about 167,000 net unconventional acres in the Texas Permian Basin. ConocoPhillips (COP) - Get Report reached an agreement to acquire rival Concho Resources (CXO) - Get Report in an all-stock deal valued at $9.7 billion. 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. 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. Thank you to Kristin Ditto, Bernadette Granger and everyone with Concho who worked so closely with us. ConocoPhillips to Acquire Concho Resources in All-Stock Transaction. ConocoPhillips has completed its acquisition of Concho Resources following approval by shareholders of both companies. 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