concho resources conocophillips

Concho … The stock’s consensus 12-month price target is $72.00. ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand. ConocoPhillips said last week that it has finalized its acquisition of Permian Basin oil and gas company Concho Resources. 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 will buy Permian-focused driller Concho Resources for $9.7 billion, the largest shale deal this year. The low-premium, all-stock deal comes as many U.S. shale companies have been mired in losses due to weak crude prices and, unlike in past downturns, have struggled to raise new capital to restructure heavy debts. Forward-Looking StatementsThis communication contains forward-looking statements as defined under the federal securities laws. Let's look at ConocoPhillips, which is trying to break out over resistance. ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) following approval by shareholders of both companies. "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. (Reuters) - U.S. oil producer ConocoPhillips COP.N is in talks to acquire shale producer Concho Resources Inc CXO.N, Bloomberg News reported on Tuesday, citing people familiar with the matter. 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. HOUSTON – ConocoPhillips today announced that it has completed its acquisition of Concho Resources (“Concho”) following approval by shareholders of both companies. Download the ConocoPhillips/ Concho Resources Executive Deal Summary Report “Concho Resources is one of the premier acquisition targets among U.S. shale drillers and Conoco is on a very short list of potential buyers, so this deal looks to be a natural fit on both sides,” said Enverus M&A analyst Andrew Dittmar. Concho had $3.9 billion in long-term debt at the end of June, and has not posted an annual profit since 2018. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. ConocoPhillips COP, -0.47% is in talks to buy Concho Resources CXO, +10.64%, Bloomberg News reported, citing people familiar with the matter.The report said the … Conoco is a major producer in two other U.S. shale fields, but pumps about 50,000 bpd in the Permian. By clicking accept, you consent to the use of cookies while browsing this site. ConocoPhillips is buying Concho Resources in a $9.7 billion all-stock deal. This move is expected to generate significant synergies and … Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. ConocoPhillips to buy Concho Resources for $9.7 billion in 2020's top shale deal. ConocoPhillips agreed to purchase Concho Resources for $9.7 billion on Monday, Oct. 19. HOUSTON -- (BUSINESS WIRE)-- ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho… Prices tanked instead, leaving shale investors with little to show for the rising output and companies struggling to pay down debts. Concho shareholders will receive 1.46 shares of ConocoPhillips for each share held. 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. A Division of NBCUniversal. Oil and gas producers are turning to consolidation to survive a slowdown in oil prices and demand. The sector has been consolidating after many shale producers borrowed in a bet on higher prices. Its second-quarter loss was $435 million, wider than a loss of $97 million a year earlier. ConocoPhillips has agreed to buy Concho Resources Inc. for $9.7 billion in what would be the largest U.S. oil deal since the coronavirus pandemic began roiling global energy markets. 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 said the premium was 15% based on Concho's price on Oct. 13, before news reports on the deal talks surfaced. Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated & organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. Jan 15, 2021 11:56AM EST. Get this delivered to your inbox, and more info about our products and services. Concho Resources stock traded up around 11% early Wednesday, at $48.98 in a 52-week range of $33.13 to $93.34. Sign up for free newsletters and get more CNBC delivered to your inbox. This website provides details about the acquisition. ConocoPhillips Completes Acquisition of Concho Resources, Concho Resources Transaction Media Resources. ConocoPhillips Completes Acquisition of Concho Resources. As anticipated, ConocoPhillips COP announced Monday morning that it has agreed to a deal to acquire big independent Permian Basin producer Concho Resources … However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. It also would make it the largest U.S. independent, pumping 1.5 million barrels per day (bpd). ConocoPhillips has agreed to acquire Concho Resources for $9.7 billion in stock and the assumption of around $4 billion in Concho debt. 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 … 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. COP. ConocoPhillips buys Concho Resources for $9.7 billion in stock, ConocoPhillips CEO on how $9.7 billion Concho deal could help further ESG strategy. The combined company will … 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. The combined company will hold about 23 billion barrels of oil equivalent resources with an average cost of supply of below $30 per barrel of U.S. West Texas Intermediate crude, Conoco said. Pro forma production with Concho is estimated at more than 1.5 million boe/d. 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. ConocoPhillips has completed its acquisition of Concho Resources. Together, the two companies have a combined value of about $60 billion. ConocoPhillips, Bloomberg said, has been hinting about a … The fifth-largest producer by volume in the Permian, Concho pumps about 319,000 bpd, from wells spread across more than half a million acres. It has scant drilling acreage on federal lands, a plus given Democratic party presidential candidate Joe Biden's proposal to ban new fracking permits on government property, he said. ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand. "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. © 2021 CNBC LLC. ConocoPhillips announced on Monday that it was acquiring Concho Resources for $9.7 billion, the biggest deal in the industry since oil prices collapsed in March. The deal values Concho at $49.30 per share, 1.4% above Friday's close, and continues a trend of all-stock, low premium combinations, including the WPX Energy-Devon merger and Chevron's purchase of Noble Energy. We want to hear from you. (Reuters) - ConocoPhillips COP.N on Monday agreed to buy U.S. shale oil producer Concho Resources … Earlier this week, ConocoPhillips completed its acquisition of Concho Resources Inc. Holders of Concho Resources stock will receive 1.46 shares of ConocoPhillips stock. 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. The deal is expected to provide $500 million in annual cost and capital savings by 2022. This website provides details about the acquisition. Got a confidential news tip? ConocoPhillips Completes Acquisition of Concho Resources. 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. ConocoPhillips has completed its acquisition of Concho Resources following approval by shareholders of both companies. ConocoPhillips Agrees to Acquire Concho Resources for $9.7 Billion. The purchase would propel ConocoPhillips to the ranks of the top producers in the Permian Basin, the prime U.S. oilfield that stretches from West Texas to southeastern New Mexico. ConocoPhillips has completed its acquisition of Concho Resources. The management team at ConocoPhillips announced plans to buy Concho Resources in a deal valued at $9.7 billion. "Concho has been on the short list of big Permian companies attracting interest due to its large production, vast acreage and relatively low debt," said Andrew Dittmar, M&A analyst at consultancy Enverus. ConocoPhillips is to buy Concho Resources in a deal worth $9.7bn, as one of the world’s largest independent oil producers gambles on a post-pandemic market recovery with a huge bet on US shale. U.S. shale companies have posted big losses due to weak crude prices amid the Covid-19 pandemic and have struggled to raise new capital to restructure debt. Concho Resources has a market value of about $8.8 billion, while the market cap for ConocoPhillips is nearly $38.2 billion. Visit our Cookie Policy for more information. 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. The all-stock deal valued at $9.7 billion was announced in October amid a flurry of other mergers and acquisitions designed to consolidate the US shale sector. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. ", Leading the sector into the energy transition and a low-carbon future, ConocoPhillips adopts Paris-Aligned Climate Risk Framework. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles. In 2021, the company was acquired by ConocoPhillips. The acquisition would increase ConocoPhillips’ net acreage in the Permian to 700,000 net acres from about 170,000. However, the absence of these words does not mean that the statements are not forward-looking. 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. ConocoPhillips Completes Acquisition of Concho Resources January 15, … All Rights Reserved. Data is a real-time snapshot *Data is delayed at least 15 minutes. HOUSTON – ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) following approval by shareholders of both companies. Are you a Concho Royalty Interest Owner or Working Interest Owner? Absence of these words does not mean that the statements are not forward-looking at the end of June, has! 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