Summary
ConocoPhillips (COP) has officially completed its previously announced acquisition of Concho Resources Inc. (CXO) on January 15, 2021. This significant transaction was structured as a merger, where each share of Concho common stock was exchanged for 1.46 shares of ConocoPhillips common stock. This strategic move is expected to reshape ConocoPhillips' asset base and operational scale. In conjunction with the merger, ConocoPhillips' Board of Directors has been expanded to include Tim Leach, the former CEO of Concho Resources, who will also serve as Executive Vice President, Lower 48. The company also held a special meeting of stockholders where the issuance of new shares for the acquisition was overwhelmingly approved, demonstrating strong shareholder support for the deal. Financial statements and pro forma information related to Concho Resources are incorporated by reference, providing investors with key historical and projected financial data.
Key Highlights
- 1Completion of the acquisition of Concho Resources Inc. (CXO) by ConocoPhillips (COP) on January 15, 2021.
- 2Each Concho share was exchanged for 1.46 shares of ConocoPhillips common stock.
- 3Tim Leach, former CEO of Concho, appointed to ConocoPhillips Board of Directors and as Executive Vice President, Lower 48.
- 4ConocoPhillips' stockholders approved the issuance of shares for the acquisition with overwhelming support (99.28% for).
- 5The company incorporated Concho's historical financial statements and pro forma combined financial information.
- 6The merger involved the conversion of outstanding Concho equity awards into ConocoPhillips equity or cash equivalents.