Ryan Lance, ConocoPhillips chairman and chief executive officer, said:
- We appreciate the strong support for this transaction from the shareholders of both companies, which we view as further affirmation of the significant benefits it will deliver,
- 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 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,
- I also welcome Tim Leach to ConocoPhillips’ board of directors and executive leadership team.
- Tim and his organization built a best-in-class Permian company and we both look forward to creating significant value from this transaction.
- Thanks to the considerable efforts of our transition teams over these past few months, we’re off to a fast start toward seamlessly integrating our two companies and building momentum as a sector leader.”
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.
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