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新聞稿

2024年5月29日

康菲石油將以全股票交易方式收購馬拉鬆石油公司；提供股東分配最新信息

休斯頓 -康菲石油(紐約證券交易所股票代碼：COP)和馬拉鬆石油公司(紐約證券交易所代碼：MRO)今天宣佈，他們已經達成了一項最終協議，根據該協議，康菲石油將以全股票交易的方式收購馬拉鬆石油公司，企業價值為225億美元，其中包括54億美元的淨債務。根據協議條款，馬拉鬆石油股東將以每股馬拉鬆石油普通股換0.2550股康菲石油普通股，較馬拉鬆石油2024年5月28日收盤價溢價14.7%，較前10日成交量加權平均價溢價16.0%。

康菲石油董事長兼首席執行官瑞安·蘭斯表示：“此次收購馬拉鬆石油進一步深化了我們的投資組合，符合我們的財務框架，增加了高質量、低成本的供應庫存，毗鄰我們在美國領先的非常規地位。”重要的是，我們有着相似的價值觀和文化，都專注於安全和負責任地運營，為我們的股東創造長期價值。這筆交易立即增加了每股收益、現金流和分配，我們看到了巨大的協同潛力。“

這是一個值得驕傲的時刻，回顧我們在馬拉鬆石油公司取得的成就。在我們敬業的員工和承包商的支持下，我們建立了業績最佳的投資組合，擁有領先同行的運營執行力、強勁的財務業績和令人信服的股東資本回報 的多年記錄-所有這些都忠於我們安全和環保的核心價值觀。康菲石油是在這一遺產的基礎上繼續發展的合適之選，它提供了真正獨特的組合，增加了規模、彈性和長期耐用性。憑藉其卓越的全球資產基礎、強勁的資產負債表 和專注於卓越運營的激光，康菲石油在長期投資、差異化的股東分配 和積極的投資組合管理方面的記錄是無與倫比的。與康菲石油的全球投資組合相結合，我相信我們的資產和人員將在長期內為股東帶來巨大的價值，“馬拉鬆石油董事長兼首席執行官總裁兼首席執行官李·蒂爾曼表示。

交易利益

資本回報更新

獨立於這項交易，康菲石油預計，從2024年第四季度開始， 將把普通基本股息提高34%，至每股78美分。交易完成後，假設近期大宗商品價格上漲，康菲石油計劃：

蘭斯補充道：“我們仍然 致力於我們差異化的運營現金分配框架，向我們的股東返還30%以上，自2016年戰略重置以來，我們的往績回報率超過40%。”我們計劃在第四季度將我們的普通股息提高34%，未來我們將繼續實現相對於S標準普爾500指數最高四分之一的股息增長目標。此外， 我們打算在交易完成後優先進行股票回購，並計劃在兩到三年內按最近的大宗商品價格註銷相當於交易中新發行的股票金額的股票。

交易細節

這筆交易還有待馬拉鬆石油股東的批准、監管許可和其他慣常的成交條件。這筆交易預計將在2024年第四季度完成。

康菲石油 將於今天上午10點主持電話會議。東部時間討論這一聲明。要收聽電話會議並查看相關演示文稿，請轉至Www.conocophillips.com/Investors.

顧問

Evercore擔任康菲石油的財務顧問，Wachtell，Lipton，Rosen&Katz擔任康菲石油的交易法律顧問。摩根士丹利律師事務所擔任馬拉鬆石油公司的財務顧問，Kirkland&Ellis LLP擔任馬拉鬆石油公司交易的法律顧問。

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關於康菲石油

康菲石油是世界領先的勘探和生產公司之一，生產和儲量並存，擁有全球多元化的資產組合。康菲石油總部位於得克薩斯州休斯敦，截至2024年3月31日，其業務和活動遍及13個國家，總資產950億美元，員工約10,000人。截至2024年3月31日的三個月，平均產量為1,902 MBOED，截至2023年12月31日，已探明儲量為6.8 BBOE。欲瞭解更多信息，請訪問www.conocophillips.com。

Contacts

丹尼斯·納斯(Dennis Nuss)(媒體)

281-293-1149

郵箱：dennis.nuss@conocophillips.com

投資者關係

281-293-5000

investor. relations @ www.example.com

關於馬拉鬆石油

馬拉鬆石油公司(紐約證券交易所股票代碼：MRO)是一家獨立的石油和天然氣勘探與生產(E&P)公司，專注於美國四大最具競爭力的資源業務-德克薩斯州的伊格爾福特、北達科他州的巴肯、新墨西哥州和德克薩斯州的二疊紀以及俄克拉何馬州的STACK和TOOP，並在赤道幾內亞擁有世界級的綜合天然氣業務。該公司的成功框架建立在強勁的資產負債表、卓越的ESG 和高質量的多盆地投資組合的競爭優勢之上。欲瞭解更多信息，請訪問www.marathonoil.com。.

個聯繫人

。此外，康菲石油向美國證券交易委員會提交的文件 將在康菲石油的網站上免費提供，網址為

713-296-2191

Www.conocophillips.com/

馬拉鬆公司提交的申請將在馬拉鬆公司的網站上免費提供，網址為：

Ir.marathonoil.com/。

非GAAP財務信息的使用 和其他術語-本新聞稿包含未根據GAAP編制的某些財務指標，包括運營現金(CFO)、自由現金流和淨債務。CFO的計算方法是從經營活動提供的現金中扣除營運資金的影響。自由現金流是CFO扣除資本支出和投資後的淨額。淨債務是資產負債表上的總債務減去現金、現金等價物和短期投資。本新聞稿還包含企業價值、供應成本和資本回報等術語。本新聞稿中包含的企業價值是根據截至2024年3月31日的淨債務和按康菲石油2024年5月28日收盤價計算的0.2550的固定兑換率預期發行的股票的總和計算的。供應成本是指WTI的等值價格，它在超前和完全負擔的基礎上產生10%的税後回報。 完全負擔包括資本基礎設施、外匯、與價格相關的通脹、併購和碳税(如果當前評估)。 如果資產不存在碳税，則應用與內部能源方案相一致的碳定價。所有桶的資源都有9%的折扣。資本回報被定義為普通股息、股票回購和現金可變回報(VROC)的總和。

給美國投資者的警示提示 -美國證券交易委員會允許石油和天然氣公司在提交給美國證券交易委員會的文件中只披露已探明、可能和可能的儲量。在本新聞稿中，我們可能會使用美國證券交易委員會指南禁止我們在提交給美國證券交易委員會的文件中包含的術語“資源”。我們敦促美國投資者仔細考慮我們提交給美國證券交易委員會的10-K表格和其他報告和備案文件中披露的石油和天然氣。可以從美國證券交易委員會和康菲石油網站獲得該報告的副本。

表1：債務與淨債務的對賬

百萬美元，除非另有説明

季度末

馬拉鬆石油公司總債務*更少：現金和現金等價物短期投資淨債務*債務總額包括下列資產負債表賬户：“長期債務”、“商業票據”和

“一年內到期的長期債務”，分別為45.78億美元、4.5億美元和4億美元。

ConocoPhillips, Marathon and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of ConocoPhillips is set forth in (i) ConocoPhillips’ proxy statement for its 2024 annual meeting of stockholders under the headings “Executive Compensation”, “Item 1: Election of Directors and Director Biographies” (including “Related Party Transactions” and “Director Compensation”), “Compensation Discussion and Analysis”, “Executive Compensation Tables” and “Stock Ownership”, which was filed with the SEC on April 1, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1163165/000130817924000384/cop4258041-def14a.htm, (ii) ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including under the headings “Item 10. Directors, Executive Officers and Corporate Governance”, “Item 11. Executive Compensation”, “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13. Certain Relationships and Related Transactions, and Director Independence”, which was filed with the SEC on February 15, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1163165/000116316524000010/cop-20231231.htm and (iii) to the extent holdings of ConocoPhillips securities by its directors or executive officers have changed since the amounts set forth in ConocoPhillips’ proxy statement for its 2024 annual meeting of stockholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC (which are available at EDGAR Search Results https://www.sec.gov/edgar/search/#/category=form-cat2&ciks=0001163165&entityName=CONOCOPHILLIPS%2520(COP)%2520(CIK%25200001163165)). Information about the directors and executive officers of Marathon is set forth in (i) Marathon’s proxy statement for its 2024 annual meeting of stockholders under the headings “Proposal 1: Election of Directors”, “Director Compensation”, “Security Ownership of Certain Beneficial Owners and Management”, “Compensation Discussion and Analysis”, “Executive Compensation” and “Transactions with Related Persons”, which was filed with the SEC on April 10, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/101778/000010177824000082/mro-20240405.htm, (ii) Marathon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including under the headings “Item 10. Directors, Executive Officers and Corporate Governance”, “Item 11. Executive Compensation”, “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13. Certain Relationships and Related Transactions, and Director Independence”, which was filed with the SEC on February 22, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/101778/000010177824000023/mro-20231231.htm and (iii) to the extent holdings of Marathon securities by its directors or executive officers have changed since the amounts set forth in Marathon’s proxy statement for its 2024 annual meeting of stockholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC (which are available at EDGAR Search Results https://www.sec.gov/edgar/search/#/category=form-cat2&ciks=0000101778&entityName=MARATHON%2520OIL%2520CORP%2520(MRO)%2520(CIK%25200000101778)).

Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Copies of the documents filed with the SEC by ConocoPhillips and Marathon will be available free of charge through the website maintained by the SEC at www.sec.gov. Additionally, copies of documents filed with the SEC by ConocoPhillips will be available free of charge on ConocoPhillips’ website at www.conocophillips.com/ and those filed by Marathon will be available free of charge on Marathon’s website at ir.marathonoil.com/.

Use of Non-GAAP Financial Information and Other Terms – This news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO), free cash flow and net debt. CFO is calculated by removing the impact from operating working capital from cash provided by operating activities. Free cash flow is CFO net of capital expenditures and investments. Net debt is total balance sheet debt less cash, cash equivalents and short-term investments. This news release also contains the terms enterprise value, cost of supply and return of capital. Enterprise value included in this release is calculated based on the sum of net debt as of March 31, 2024, and anticipated shares to be issued at the fixed exchange ratio of 0.2550 measured at ConocoPhillips’ closing share price on May 28, 2024. Cost of supply is the WTI equivalent price that generates a 10 percent after-tax return on a point-forward and fully burdened basis. Fully burdened includes capital infrastructure, foreign exchange, price-related inflation, G&A and carbon tax (if currently assessed). If no carbon tax exists for the asset, carbon pricing aligned with internal energy scenarios are applied. All barrels of resource are discounted at 10 percent. Return of capital is defined as the total of the ordinary dividend, share repurchases and variable return of cash (VROC).

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.

*Total debt includes the following balance sheet accounts: “long-term debt”, “commercial paper”, and “long-term debt due within one year” for $4.578B, $0.45B and $0.4B, respectively.