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MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS

(COP)
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ConocoPhillips to Buy Concho Resources in $9.7 Billion All-Stock Transaction

10/19/2020 | 07:44am EST

By Dave Sebastian

ConocoPhillips is buying Concho Resources Inc. in an all-stock transaction valued at $9.7 billion, at a time when the American shale-drilling industry is facing a downturn after a historic crash in oil prices amid the Covid-19 pandemic.

ConocoPhillips said the transaction would improve its competitive position in the Midland basin.

The companies said each share of Concho Resources will be exchanged for 1.46 shares of ConocoPhillips stock, reflecting a 15% premium over closing share prices on Oct. 13, when Bloomberg News reported on the impending deal.

The acquisition combines a resource base of about 23 billion barrels of oil equivalent with less than $40 a barrel West Texas Intermediate cost of supply and an average cost of supply below $30 a barrel WTI, the companies said.

The companies said they would have $500 million in annual cost and capital savings by 2022. The transaction is expected to close in the first quarter of 2021.

Concho Chairman and Chief Executive Tim Leach will join ConocoPhillips' board and leadership team.

Shares of Concho, which closed at $48.60 Friday, rose 11.1% in premarket trading. Shares of ConocoPhillips, which closed at $33.77 Friday, rose 0.5% in premarket trading.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

10-19-20 0743ET

Stocks mentioned in the article
ChangeLast1st jan.
CONCHO RESOURCES INC. 2.16% 58.14 Delayed Quote.-35.01%
CONOCOPHILLIPS 1.78% 39.97 Delayed Quote.-39.61%
LONDON BRENT OIL 1.46% 47.93 Delayed Quote.-27.74%
WTI 1.78% 44.93 Delayed Quote.-26.33%
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Financials (USD)
Sales 2020 18 610 M - -
Net income 2020 -2 087 M - -
Net Debt 2020 9 861 M - -
P/E ratio 2020 -20,3x
Yield 2020 4,30%
Capitalization 41 939 M 41 939 M -
EV / Sales 2020 2,78x
EV / Sales 2021 2,39x
Nbr of Employees 9 800
Free-Float 59,5%
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Technical analysis trends CONOCOPHILLIPS
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 23
Average target price 46,91 $
Last Close Price 39,27 $
Spread / Highest target 57,9%
Spread / Average Target 19,5%
Spread / Lowest Target -8,33%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Matthew J. Fox Chief Operating Officer & Executive Vice President
William L. Bullock Chief Financial Officer & Executive Vice President
Dominic E. Macklon SVP-Strategy, Exploration & Technology
Robert A. Niblock Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CONOCOPHILLIPS-39.61%41 939
CNOOC LIMITED-40.59%44 636
EOG RESOURCES, INC.-44.45%27 145
CANADIAN NATURAL RESOURCES LIMITED-28.71%27 010
ECOPETROL S.A.-35.02%24 498
PIONEER NATURAL RESOURCES COMPANY-34.07%16 408