ConocoPhillips (NYSE: COP) today announced that it has completed
the purchase of the remaining 50% interest in Surmont from
TotalEnergies EP Canada Ltd. for approximately $2.7 billion cash
(CAD$3.7 billion) after closing adjustments, as well as future
contingent payments of up to approximately $0.3 billion (CAD$0.4
billion). ConocoPhillips now owns 100% of Surmont and will continue
as operator.
“Long-life, low sustaining capital assets like Surmont play an
important role in our deep, durable and diverse low cost of supply
portfolio,” said Ryan Lance, chairman and chief executive officer.
“This transaction enhances our returns-focused value proposition,
improves our return on capital employed, lowers our free cash flow
breakeven and is expected to deliver significant free cash flow for
decades to come. We know this asset very well and plan to further
optimize it while remaining on track to achieve our GHG emission
intensity reduction goals.”
The transaction is subject to contingent payments for a
five-year term of up to approximately $0.3 billion (CAD$0.4
billion) representing $2 million (CAD$2.7 million) for every dollar
that WCS pricing exceeds $52 per barrel during the month, subject
to certain production targets being achieved.
ConocoPhillips remains on track to achieve its previously
announced accelerated GHG intensity reduction target of 50-60% by
2030, using a 2016 baseline. Since 2016, Surmont's GHG emissions
intensity has declined by about 20%, and ConocoPhillips has plans
for future operational emissions reduction by applying both current
and new technology. ConocoPhillips is also a member of the Pathways
Alliance, working on a goal of net-zero emissions from oilsands
operations.
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $90 billion of total assets, and approximately 9,700
employees at June 30, 2023. Production averaged 1,798 MBOED for the
six months ended June 30, 2023, and proved reserves were 6.6 BBOE
as of Dec. 31, 2022. For more information, go to
www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES
OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined
under the federal securities laws. Forward-looking statements
relate to future events, plans and anticipated results of
operations, business strategies, and other aspects of our
operations or operating results. 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. 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. Factors that could cause actual results
or events to differ materially from what is presented include
changes in commodity prices, including a prolonged decline in these
prices relative to historical or future expected levels; global and
regional changes in the demand, supply, prices, differentials or
other market conditions affecting oil and gas, including changes
resulting from any ongoing military conflict, including the
conflict between Russia and Ukraine, and the global response to
such conflict, security threats on facilities and infrastructure,
or 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; insufficient
liquidity or other factors, such as those listed herein, that could
impact our ability to repurchase shares and declare and pay
dividends such that we suspend our share repurchase program and
reduce, suspend, or totally eliminate dividend payments in the
future, whether variable or fixed; 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, inflationary pressures or technical
difficulties in constructing, maintaining or modifying company
facilities; legislative and regulatory initiatives addressing
global climate change or other environmental concerns; public
health crises, including pandemics (such as COVID-19) and epidemics
and any impacts or related company or government policies or
actions; investment in and development of competing or alternative
energy sources; potential failures or delays in delivering on our
current or future low-carbon strategy, including our inability to
develop new technologies; disruptions or interruptions impacting
the transportation for our oil and gas production; international
monetary conditions and exchange rate fluctuations; changes in
international trade relationships or governmental policies,
including the imposition of price caps, or the imposition of trade
restrictions or tariffs on any materials or products (such as
aluminum and steel) used in the operation of our business,
including any sanctions imposed as a result of any ongoing military
conflict, including the conflict between Russia and Ukraine; our
ability to collect payments when due, including our ability to
collect payments from the government of Venezuela or PDVSA; our
ability to complete any announced or any future dispositions or
acquisitions on time, if at all; the possibility that regulatory
approvals for any 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
following any announced or 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 directly
or indirectly to our transaction with Concho Resources Inc.; the
impact of competition and consolidation in the oil and gas
industry; limited access to capital or insurance or significantly
higher cost of capital or insurance related to illiquidity or
uncertainty in the domestic or international financial markets or
investor sentiment; general domestic and international economic and
political conditions or developments, including as a result of any
ongoing military conflict, including the conflict between Russia
and Ukraine; changes in fiscal regime or tax, environmental and
other laws applicable to our business; and disruptions resulting
from accidents, extraordinary weather events, civil unrest,
political events, war, terrorism, cybersecurity threats or
information technology failures, constraints or disruptions; 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. 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.
Use of Non-GAAP Financial Information – This release may
include non-GAAP financial measures, which help facilitate
comparison of company operating performance across periods and with
peer companies. Any historical non-GAAP measures included herein
will be accompanied by a reconciliation to the nearest
corresponding GAAP measure either within the release or on our
website at www.conocophillips.com/nongaap. For forward-looking
non-GAAP measures, we are unable to provide a reconciliation to the
most comparable GAAP financial measures because the information
needed to reconcile these measures is dependent on future events,
many of which are outside management’s control as described above.
Additionally, estimating such GAAP measures and providing a
meaningful reconciliation consistent with our accounting policies
for future periods is extremely difficult and requires a level of
precision that is unavailable for these future periods and cannot
be accomplished without unreasonable effort. Forward looking
non-GAAP measures are estimated consistent with the relevant
definitions and assumptions.
Cautionary Note to U.S. Investors – The SEC permits oil
and gas companies, in their filings with the SEC, to disclose only
proved, probable and possible reserves. We may use the term
“resource” in this release that the SEC’s guidelines prohibit us
from including in filings with the SEC. U.S. investors are urged to
consider closely the oil and gas disclosures in our Form 10-K and
other reports and filings with the SEC. Copies are available from
the SEC and from the ConocoPhillips website.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231004048525/en/
Dennis Nuss (media) 281-293-1149
dennis.nuss@conocophillips.com
Investor Relations 281-293-5000
investor.relations@conocophillips.com
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