Item 8.01 Other Events.




As previously disclosed, on October 18, 2020, ConocoPhillips, a Delaware
corporation ("ConocoPhillips") entered into the Agreement and Plan of Merger,
dated as of October 18, 2020 (the "Merger Agreement") with Concho Resources
Inc., a Delaware corporation ("Concho") and Falcon Merger Sub Corp., a Delaware
corporation and wholly-owned subsidiary of ConocoPhillips ("Merger Sub").
Pursuant to the Merger Agreement, Concho will merge with and into Merger Sub,
with Concho continuing as the surviving entity (the "Merger"). On December 11,
2020, each of ConocoPhillips and Concho filed with the Securities and Exchange
Commission (the "SEC") a definitive joint proxy statement/prospectus (the
"Definitive Proxy Statement") with respect to the respective special meetings of
ConocoPhillips and Concho stockholders scheduled to be held on January 15, 2021
in connection with the Merger (the "Special Meeting").



Litigation Related to the Merger





In connection with the Merger, seven lawsuits were filed between November 23 and
December 28, 2020 against one or more of Concho, the directors of Concho,
ConocoPhillips, the directors of ConocoPhillips and Merger Sub (collectively,
the "Defendants"). Four complaints, Stein v. Concho Resources Inc. et al., C.A.
No. 1:20-cv-01582-UNA, Chappidi v. Concho Resources Inc. et al., C.A.
No. 1:20-cv-01584-UNA, Lovoi v. ConocoPhillips et al., C.A.
No. 1:20-cv-01638-UNA and Davydov v. ConocoPhillips et al., C.A.
No. 1:20-cv-01674-UNA (the "Davydov lawsuit"), were filed in the U.S. District
Court for the District of Delaware. One complaint, Ortiz v. Concho Resources
Inc. et al., C.A. No. 1:20-cv-05886, was filed in the U.S. District Court for
the Eastern District of New York. One complaint, Stracener v. ConocoPhillips et
al., C.A. No. 1:20-cv-10954, was filed in the U.S. District Court for the
Southern District of New York. One complaint, Garfield v. Bunch et al.,
No. 2020-79700, was filed in the District Court of Harris County, Texas (the
"Garfield lawsuit").



The complaints filed in federal court generally allege, among other things, that
the Defendants disseminated a false or misleading registration statement
regarding the proposed Merger in violation of Section 14(a) of the Securities
Exchange Act of 1934 (the "Exchange Act") and SEC Rule 14a-9 promulgated
thereunder. These complaints allege that the preliminary joint proxy
statement/prospectus or the Definitive Proxy Statement filed by ConocoPhillips
misstated or omitted material information regarding the parties' financial
projections, the analyses performed by Concho's and ConocoPhillips' respective
financial advisors, potential conflicts of interest involving Concho's and
ConocoPhillips' respective financial advisors and/or the sales process leading
up to the Merger, and that disclosure of material information is necessary for
Concho's and ConocoPhillips' stockholders to make informed decisions regarding
whether to vote in favor of the Merger or the issuance of shares of
ConocoPhillips common stock in connection with the Merger (the "Share
Issuance"). Other than the Davydov lawsuit, the complaints further allege that
Concho's or ConocoPhillips' directors and/or ConocoPhillips are liable for
alleged violations as "controlling persons" of Concho and ConocoPhillips under
Section 20(a) of the Exchange Act. The Garfield lawsuit alleges, among other
things, that ConocoPhillips and the directors of ConocoPhillips disseminated a
Definitive Proxy Statement that contains materially false and misleading
statements and omissions in violation of Texas common law. The complaint alleges
that the Definitive Proxy Statement included false or misleading statements
regarding conflicts of interests of those promoting the Merger, as well as
financial information underlying the analyses conducted by ConocoPhillips'
financial advisor in formulating its fairness opinion, and that disclosure of
material information is necessary for ConocoPhillips' stockholders to make
informed decisions regarding whether to vote in favor of the Share Issuance.
Among other relief, the complaints seek injunctive relief, including enjoining
the Merger unless and until the Defendants disclose the allegedly omitted
material information, rescinding the Merger in the event the Defendants
consummate the Merger (or awarding rescissory damages), damages, and an award of
attorneys' and experts' fees. ConocoPhillips and Concho believe that the claims
in the complaints are without merit and that no further disclosure is required
under applicable law.



As a result of supplemental disclosures set forth herein, the plaintiff in the
Garfield lawsuit has entered into an agreement to voluntarily dismiss his action
with prejudice.








Supplemental Disclosures to Definitive Proxy Statement





This supplemental information to the Definitive Proxy Statement should be read
in conjunction with the Definitive Proxy Statement, which should be read in its
entirety. Nothing herein shall be deemed an admission of the legal necessity or
materiality of any of the disclosures set forth herein. All page references in
the information below are to pages in the Definitive Proxy Statement, and all
terms used but not defined below shall have the meanings set forth in the
Definitive Proxy Statement.



The following underlined language is added to the second full paragraph in the
section of the Definitive Proxy Statement entitled "The Merger-Opinion of
Goldman Sachs, ConocoPhillips' Financial Advisor-Illustrative Discounted Cash
Flow Analysis-Concho Standalone" that appears on pages 94-95.



Using discount rates ranging from 5.5% to 7.5%, reflecting estimates of Concho's
weighted average cost of capital, Goldman Sachs discounted to present value as
of June 30, 2020 (i) estimates of the unlevered free cash flows to be generated
by Concho on a standalone basis for the period from June 30, 2020 to
December 31, 2025, as reflected in the forecasts for Concho, and (ii) a range of
illustrative terminal values for Concho as of December 31, 2025, calculated by
applying perpetuity growth rates ranging from (0.5)% to 0.5% to the estimate of
the terminal year unlevered free cash flow of Concho, as reflected in the
forecasts for Concho (which analysis implied multiples of the implied terminal
values derived for Concho to estimated earnings before interest, taxes,
depreciation, and amortization expense (which we refer to as "EBITDA") for
Concho, as reflected in the forecasts for Concho, for 2025, ranging from 3.9x to
6.3x). Goldman Sachs derived the discount rates referenced above by application
of the capital asset pricing model (which we refer to as "CAPM"), which requires
certain company-specific inputs, including the company's target capital
structure weightings, the cost of long-term debt, future applicable marginal
cash tax rate and a beta for the company, as well as certain financial metrics
for the United States financial markets generally. The range of perpetuity
growth rates was estimated by Goldman Sachs utilizing its professional judgment
and experience, taking into account the forecasts for Concho on a standalone
basis and market expectations regarding long-term real growth of gross domestic
product and inflation. Goldman Sachs derived a range of illustrative enterprise
values for Concho by adding the ranges of present values it derived as described
above. Goldman Sachs then subtracted from the range of illustrative enterprise
values it derived the net debt of Concho as of June 30, 2020, as reflected in
Concho's consolidated balance sheet as of that date, adjusted by approximately
$100 million to reflect Concho's public offering of its 2.400% Senior Notes in
August 2020 and redemption of its 4.375% Senior Notes in September 2020, to
derive a range of illustrative equity values for Concho. Goldman Sachs then
divided the range of illustrative equity values it derived for Concho on a
standalone basis by the fully diluted shares of Concho common stock outstanding
as of October 16, 2020, calculated based on equity information provided by
Concho management and approved for standalone basis, for 2025, ranging from 4.3x
to 7.3x). Goldman Sachs derived the discount rates referenced above by
application of CAPM. The range of perpetuity growth rates was estimated by
Goldman Sachs utilizing its professional judgment and experience, taking into
account the forecasts for ConocoPhillips on a standalone basis and market
expectations regarding long-term real growth of gross domestic product and
inflation.



The following underlined language is added to the first full paragraph in the
section of the Definitive Proxy Statement entitled "The Merger-Opinion of Credit
Suisse, Concho's Financial Advisor-Selected Company Analysis" that appears

on
pages 107-108.



Credit Suisse considered certain financial data for Concho, ConocoPhillips and
selected companies with publicly traded equity securities Credit Suisse deemed
relevant. The selected companies were selected because they were deemed to be
similar to Concho and ConocoPhillips in one or more respects. For purposes of
these analyses, (1) Credit Suisse was directed by Concho to use the Concho
projections (Case A) and the Concho projections for ConocoPhillips (Case A)
given that the scenarios contemplated by Case A were considered by Concho
management to most closely resemble then current market conditions and near-term
production growth profiles, (2) except as otherwise noted, share prices for the
selected companies were closing prices as of October 16, 2020 and (3) estimates
of future financial performance for the selected companies for the years ending
December 31, 2021 and 2022 used to select the implied multiple ranges were based
on publicly available research analyst estimates for those companies.


The following underlined language is added to the first two full paragraphs in
the section of the Definitive Proxy Statement entitled "The Merger-Opinion of
Credit Suisse, Concho's Financial Advisor-Discounted Cash Flow Analysis" that
appear on pages 109-110.



Concho. Credit Suisse performed a discounted cash flow analysis with respect to
Concho by calculating the estimated net present value of the projected
after-tax, unlevered, free cash flows of Concho based on each of the four cases
described above comprising the Concho projections. Credit Suisse applied, based
on its professional judgment and experience, terminal multiples of 5.0x-6.0x to
Concho's estimated EBITDAX for the year ended December 31, 2030 based on each
case of the Concho projections to estimate a range of terminal values and
discount rates ranging from 9.0% to 11.0% to the projected unlevered free cash
flows and calculated terminal values. Credit Suisse derived ranges of
illustrative enterprise values for Concho for each case by adding the ranges of
present values it derived as described above. Credit Suisse then subtracted,
from the ranges of illustrative enterprise values it derived, as directed by
Concho management, estimates of applicable corporate adjustments, including net
debt, of Concho as of December 31, 2020 provided by Concho management. Credit
Suisse derived the discount rates referenced above, reflecting estimates of
weighted average cost of capital for Concho, by application of the capital asset
pricing model. The discounted cash flow analysis for Concho indicated implied
reference ranges per share of Concho common stock of $38.37 to $54.74 for Case
A, $93.23 to 121.69 for Case B, $28.22 to $38.55 for Case C, and $67.38 to
$85.15 for Case D.



ConocoPhillips. Credit Suisse performed a discounted cash flow analysis with
respect to ConocoPhillips by calculating the estimated net present value of the
projected after-tax, unlevered, free cash flows of ConocoPhillips based on each
of the four cases described above comprising the Concho projections for
ConocoPhillips. Credit Suisse applied, based on its professional judgment and
experience, terminal multiples of 6.0x- 7.0x to ConocoPhillips' estimated
EBITDAX for the year ended December 31, 2030 based on each case of the Concho
projections for ConocoPhillips to estimate a range of terminal values and
discount rates ranging from 8.0% to 10.0% to the projected unlevered free cash
flows and calculated terminal values. Credit Suisse derived ranges of
illustrative enterprise values for ConocoPhillips for each case by adding the
ranges of present values it derived as described above. Credit Suisse then
subtracted, from the ranges of illustrative enterprise values it derived, as
directed by Concho management, estimates of applicable corporate adjustments,
including net debt, of ConocoPhillips as of December 31, 2020 provided by
ConocoPhillips management. Credit Suisse derived the discount rates referenced
above, reflecting estimates of weighted average cost of capital for
ConocoPhillips, by application of the capital asset pricing model. The
discounted cash flow analysis for ConocoPhillips indicated implied reference
ranges per share of ConocoPhillips common stock of $24.48 to $33.07 for Case A,
$62.94 to $78.33 for Case B, $20.15 to $26.60 for Case C, and $53.27 to $64.98
for Case D. While the ConocoPhillips projections were based on differing oil
price and production growth assumptions than the Concho projections for
ConocoPhillips and consequently were not directly comparable to the Concho
projections for ConocoPhillips, Credit Suisse also performed a discounted cash
flow analysis with respect to ConocoPhillips based on the ConocoPhillips
projections using terminal multiples of 6.0x to 7.0x and discount rates ranging
from 8.0% to 10.0%, which indicated an implied reference range per share of
ConocoPhillips common stock of $52.19 and $65.97.



The following underlined language is added to, and the crossed out language is
deleted from, the last full paragraph in the section of the Definitive Proxy
Statement entitled "The Merger-Opinion of Credit Suisse, Concho's Financial
Advisor-Other Matters" that appears on page 111.



Credit Suisse and its affiliates have in the past provided and currently are
providing investment banking and other financial advice and services to Concho
and its affiliates for which advice and services Credit Suisse and its
affiliates have received and would expect to receive compensation, including,
among other things, during the past two years two-year period preceding delivery
of its opinion, having acted as a senior co-manager in connection with the
public offering of debt securities by Concho in 2020 and being a participant and
lender under outstanding credit facilities, for which Credit Suisse and its
affiliates received approximately $220,0001,850,000in fees, interest and related
income. Credit Suisse and its affiliates have in the past provided investment
banking and other financial advice and services to ConocoPhillips and its
affiliates for which advice and services Credit Suisse and its affiliates have
received compensation, including, among other things, during the past two years
two-year period preceding delivery of its opinion, having acted as a financial
intermediary in connection with a repurchase of ConocoPhillips common stock by
ConocoPhillips in 2020 and being a participant and lender under outstanding
credit facilities, for which Credit Suisse and its affiliates received
approximately $210,000750,000in fees, interest and related income. Credit Suisse
and its affiliates may in the future provide investment banking and other
financial advice and services to Concho, ConocoPhillips and their respective
affiliates for which advice and services Credit Suisse and its affiliates would
expect to receive compensation. Credit Suisse is a full service securities firm
engaged in securities trading and brokerage activities as well as providing
investment banking and other financial advice and services. Credit Suisse and
its affiliates are also participants and lenders under outstanding credit
facilities of Concho and ConocoPhillips and/or certain of their respective
affiliates. In the ordinary course of business, Credit Suisse and its affiliates
may acquire, hold or sell, for its and its affiliates' own accounts and the
accounts of customers, equity, debt and other securities and financial
instruments (including bank loans and other obligations) of Concho,
ConocoPhillips and any other company that may be involved in the merger, as well
as provide investment banking and other financial advice and services to such
companies and their affiliates.


The following underlined language is added to, and the crossed out language is
deleted from, the third and fourth full paragraphs in the section of the
Definitive Proxy Statement entitled "The Merger-Opinion of J.P. Morgan, Concho's
Financial Advisor-Discounted Cash Flow Analysis" that appear on page 118.



Concho. The unlevered free cash flows and the range of terminal values for
Concho were discounted to present values using a range of discount rates from
10.5% to 12.5%. These J.P. Morgan derived ranges of illustrative enterprise
values for Concho for each case by adding the ranges of present values it
derived as described above. J.P. Morgan then subtracted, from the ranges of
illustrative enterprise values it derived, as directed by Concho management,
estimates of applicable corporate adjustments, including net debt, of Concho as
of December 31, 2020 provided by Concho management. The discount rates were
chosen by J.P. Morgan based upon its professional judgment and experience and an
analysis, using the capital asset pricing model, of the weighted average cost of
capital of Concho. The discounted cash flow analysis for Concho indicated
implied reference ranges, rounded to the nearest $0.25 per share of Concho
common stock of $24.00 to $37.50 for Case A, $76.75 to $106.75 for Case B,
$17.50 to $24.75 for Case C, and $53.75 to $69.50 for Case D.



ConocoPhillips. The unlevered free cash flows and the range of terminal values
for ConocoPhillips were discounted to present values using a range of discount
rates from 9.75% to 11.75%. These J.P. Morgan derived ranges of illustrative
enterprise values for ConocoPhillips for each case by adding the ranges of
present values it derived as described above. J.P. Morgan then subtracted, from
the ranges of illustrative enterprise values it derived, as directed by Concho
management, estimates of applicable corporate adjustments, including net debt,
of ConocoPhillips as of December 31, 2020 provided by ConocoPhillips management.
The discount rates were chosen by J.P. Morgan based upon its professional
judgment and experience and an analysis, using the capital asset pricing model,
of the weighted average cost of capital of ConocoPhillips. The discounted cash
flow analysis for ConocoPhillips indicated implied reference ranges per share,
rounded to the nearest $0.25, of ConocoPhillips common stock of $15.75 to $24.00
for Case A, $54.25 to $73.25 for Case B, $12.50 to $17.75 for Case C, and $45.00
to $57.50 for Case D.



The following underlined language is added to the last full paragraph in the
section of the Definitive Proxy Statement entitled "The Merger-Opinion of J.P.
Morgan, Concho's Financial Advisor-Miscellaneous" that appears on pages 119-120.



For services rendered in connection with the merger and the delivery of its
opinion, Concho has agreed to pay J.P. Morgan a transaction fee of $25 million,
of which $2 million became payable by Concho to J.P. Morgan in connection with
J.P. Morgan's delivery of its opinion and the balance of which becomes payable
upon the closing of the merger. In addition, Concho has agreed to reimburse J.P.
Morgan for its expenses incurred in connection with its services, including the
fees and disbursements of counsel and to indemnify J.P. Morgan against certain
liabilities arising out of J.P. Morgan's engagement. During the two years
preceding the date of J.P. Morgan's opinion, J.P. Morgan and its affiliates have
had, and continue to have, commercial or investment banking relationships with
Concho and ConocoPhillips, for which J.P. Morgan and its affiliates have
received customary compensation. Such services during such period include having
acted as joint lead bookrunner on Concho's offering of debt securities, which
closed in August 2020, and as financial advisor to ConocoPhillips in a
divestiture which closed in October 2018. In addition, J.P. Morgan's commercial
banking affiliate is an agent bank and a lender under outstanding credit
facilities of Concho and ConocoPhillips, for which it receives customary
compensation or other financial benefits. In addition, J.P. Morgan and its
affiliates hold, on a proprietary basis, less than 1% of the outstanding common
stock of each of Concho and ConocoPhillips. During the two-year period preceding
delivery of its opinion, the aggregate fees recognized by J.P. Morgan (including
fees recognized by its affiliate for acting as an agent bank and lender) from
Concho were approximately $712,000 and from ConocoPhillips were approximately
$2.8 million. In the ordinary course of their businesses, J.P. Morgan and its
affiliates may actively trade the debt and equity securities or financial
instruments (including derivatives, bank loans or other obligations) of Concho
or ConocoPhillips for their own accounts or for the accounts of customers and,
accordingly, they may at any time hold long or short positions in such
securities or other financial instruments.

The following underlined language is added as a footnote to the second table in the section of the Definitive Proxy Statement entitled "The Merger-ConocoPhillips Unaudited Forecasted Financial Information-Summary of ConocoPhillips Forecasted Financial Information" that appears on page 122.





                                Quarterly
                             Q3           Q4                                   Yearly
                           2020E        2020E        2021E        2022E        2023E        2024E        2025E
Daily Production
(Mboe/d)                     1,053        1,141        1,225        1,288        1,376        1,460        1,551
EBITDAX                   $  1,226     $  1,520     $  7,503     $ 10,054     $ 11,959     $ 12,859     $ 13,857
Cash Provided by
Operating Activities      $    868     $  1,275     $  6,207     $  8,075     $  9,910     $ 10,553     $ 11,039
Capital Expenditures
and Investments           $ (1,132 )   $ (1,127 )   $ (5,011 )   $ (5,325 )   $ (6,336 )   $ (6,386 )   $ (7,008 )
Levered Free Cash Flow-
Pre Dividends / Other     $   (157 )   $    377     $  1,237     $  2,972     $  3,710     $  4,235     $  4,070
Levered Free Cash Flow-
Post Dividends / Other    $   (334 )   $ (1,103 )   $   (609 )   $  1,053     $  1,714     $  2,159     $  1,911
Unlevered Free Cash
Flow1                     $     43     $    585     $  2,039     $  3,799     $  4,294     $  4,763     $  4,522

(1) Unlevered free cash flow was calculated as EBITDAX, less exploration expenses, levered taxes, interest tax shield, and changes in net working capital, plus dry hole expense, accretion of asset retirement obligations ("AROs"), undistributed equity earnings and deferred taxes, less capital expenditures, cash from investment accounts, collection of advances / loans-related parties, and effect of exchange rate changes.

The following underlined language is added as a footnote to the third table in the section of the Definitive Proxy Statement entitled "The Merger-ConocoPhillips Unaudited Forecasted Financial Information-Summary of ConocoPhillips Forecasted Financial Information" that appears on page 123.





                                Quarterly
                             Q3           Q4                                   Yearly
                           2020E        2020E        2021E        2022E        2023E         2024E        2025E
Daily Production
(Mboe/d)                     1,373        1,449        1,529        1,592        1,699         1,823        1,966
EBITDAX                   $  1,951     $  2,159     $  9,851     $ 12,925     $ 15,165     $  16,498     $ 18,085
Cash Provided by
Operating Activities      $  1,536     $  1,879     $  8,402     $ 10,795     $ 12,926     $ 14,006      $ 15,086
Capital Expenditures
and Investments           $ (1,416 )   $ (1,481 )   $ (6,459 )   $ (6,864 )   $ (8,171 )   $  (8,681 )   $ (9,656 )
Levered Free Cash Flow-
Pre Dividends / Other     $    227     $    628     $  1,985     $  4,154     $  4,891     $   5,392     $  5,468
Levered Free Cash Flow-
Post Dividends / Other    $     11     $   (225 )   $   (352 )   $  1,724     $  2,364     $   2,764     $  2,735
Unlevered Free Cash
Flow1                     $    484     $    870     $  2,953     $  5,146     $  5,641     $   6,087     $  6,086




(1) Unlevered free cash flow was calculated as EBITDAX, less exploration
expenses, levered taxes, interest tax shield, and changes in net working
capital, plus dry hole expense, accretion of AROs, undistributed equity earnings
and deferred taxes, less capital expenditures, cash from investment accounts,
collection of advances / loans-related parties, and effect of exchange rate

changes.








The following underlined language is added as a footnote to the fourth table in the section of the Definitive Proxy Statement entitled "The Merger-ConocoPhillips Unaudited Forecasted Financial Information-Summary of ConocoPhillips Forecasted Financial Information" that appears on page 123.





                               Quarterly
                            Q3          Q4                                   Yearly
                           2020E       2020E       2021E        2022E        2023E        2024E        2025E
Daily Production
(Mboe/d)                      320         308          304          304          323          363          415
EBITDAX                   $   725     $   639     $  2,313     $  2,671     $  3,006     $  3,438     $  4,028
Cash Provided by
Operating Activities      $   668     $   605     $  2,160     $  2,520     $  2,858     $  3,295     $  3,889
Capital Expenditures
and Investments           $  (284 )   $  (354 )   $ (1,498 )   $ (1,688 )   $ (1,985 )   $ (2,446 )   $ (2,799 )
Levered Free Cash Flow-
Pre Dividends / Other     $   384     $   251     $    662     $    831     $    873     $    849     $  1,090
Levered Free Cash Flow-
Post Dividends / Other    $   274     $   211     $    505     $    674     $    715     $    692     $    933
Unlevered Free Cash
Flow1                     $   441     $   285     $    828     $    997     $  1,039     $  1,015     $  1,256

(1) Unlevered free cash flow was calculated as EBITDAX, less exploration expenses, taxes, changes in net working capital, and capital expenditures, plus accretion of AROs.

Forward-Looking Statements





This communication relates to a proposed business combination transaction
between ConocoPhillips and Concho. Forward-looking statements relate to future
events and anticipated financial position, business strategy, budgets, projected
revenues, projected costs and plans, objectives of management for future
operations, 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 the
timing of synergies from the proposed transaction, and the anticipated closing
date for the proposed transaction. 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 similar expressions 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, 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; fluctuations in crude oil, bitumen, natural gas,
LNG and NGLs prices, including a prolonged decline in these prices relative to
. . .

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