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Announced Acquisition of Concho Resources Inc | 9 Months Ended
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Sep. 30, 2020
Announced Acquisition of Concho Resources Inc. [Abstract] |
Announced Acquisition of Concho Resources Inc. | Note 22—Announced Acquisition of Concho Resources Inc. On October 19, 2020 , we announced a definitive agreement (the Merger Agreement) to acquire Concho Resources Inc. (Concho) in an all-stock transaction valued at $ 9.7 billion based upon closing share prices on October 16, 2020. Under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips common stock. We will also assume the debt balances of Concho, which were approximately $ 3.9 billion at September 30, 2020. The transaction is anticipated to close in the first quarter of 2021, subject to the approval of both ConocoPhillips and Concho shareholders, regulatory clearance, and other customary closing conditions. If the Merger Agreement is terminated under certain circumstances, we may be required to pay a termination fee of $ 450 million, including if the proposed Merger is terminated because our board of directors has changed its recommendation in respect of the stockholder proposal relating to the Merger. In addition, we may be required to reimburse Concho for its expenses in an amount equal to $ 142.5 million if the Merger Agreement is terminated because of a failure of our stockholders to approve the stockholder proposal. See Item 1A. “Risk Factors” for further discussion of risks related to the Concho acquisition.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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