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新闻稿

2024年5月29日

康菲石油将以全股票交易方式收购马拉松石油公司；提供股东分配最新信息

休斯顿 -康菲石油(纽约证券交易所股票代码：COP)和马拉松石油公司(纽约证券交易所代码：MRO)今天宣布，他们已经达成了一项最终协议，根据该协议，康菲石油将以全股票交易的方式收购马拉松石油公司，企业价值为225亿美元，其中包括54亿美元的净债务。根据协议条款，马拉松石油股东将以每股马拉松石油普通股换0.2550股康菲石油普通股，较马拉松石油2024年5月28日收盘价溢价14.7%，较前10日成交量加权平均价溢价16.0%。

康菲石油董事长兼首席执行官瑞安·兰斯表示：“此次收购马拉松石油进一步深化了我们的投资组合，符合我们的财务框架，增加了高质量、低成本的供应库存，毗邻我们在美国领先的非常规地位。”重要的是，我们有着相似的价值观和文化，都专注于安全和负责任地运营，为我们的股东创造长期价值。这笔交易立即增加了每股收益、现金流和分配，我们看到了巨大的协同潜力。“

这是一个值得骄傲的时刻，回顾我们在马拉松石油公司取得的成就。在我们敬业的员工和承包商的支持下，我们建立了业绩最佳的投资组合，拥有领先同行的运营执行力、强劲的财务业绩和令人信服的股东资本回报 的多年记录-所有这些都忠于我们安全和环保的核心价值观。康菲石油是在这一遗产的基础上继续发展的合适之选，它提供了真正独特的组合，增加了规模、弹性和长期耐用性。凭借其卓越的全球资产基础、强劲的资产负债表 和专注于卓越运营的激光，康菲石油在长期投资、差异化的股东分配 和积极的投资组合管理方面的记录是无与伦比的。与康菲石油的全球投资组合相结合，我相信我们的资产和人员将在长期内为股东带来巨大的价值，“马拉松石油董事长兼首席执行官总裁兼首席执行官李·蒂尔曼表示。

交易利益

资本回报更新

独立于这项交易，康菲石油预计，从2024年第四季度开始， 将把普通基本股息提高34%，至每股78美分。交易完成后，假设近期大宗商品价格上涨，康菲石油计划：

兰斯补充道：“我们仍然 致力于我们差异化的运营现金分配框架，向我们的股东返还30%以上，自2016年战略重置以来，我们的往绩回报率超过40%。”我们计划在第四季度将我们的普通股息提高34%，未来我们将继续实现相对于S标准普尔500指数最高四分之一的股息增长目标。此外， 我们打算在交易完成后优先进行股票回购，并计划在两到三年内按最近的大宗商品价格注销相当于交易中新发行的股票金额的股票。

交易细节

这笔交易还有待马拉松石油股东的批准、监管许可和其他惯常的成交条件。这笔交易预计将在2024年第四季度完成。

康菲石油 将于今天上午10点主持电话会议。东部时间讨论这一声明。要收听电话会议并查看相关演示文稿，请转至Www.conocophillips.com/Investors.

顾问

Evercore担任康菲石油的财务顾问，Wachtell，Lipton，Rosen&Katz担任康菲石油的交易法律顾问。摩根士丹利律师事务所担任马拉松石油公司的财务顾问，Kirkland&Ellis LLP担任马拉松石油公司交易的法律顾问。

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关于康菲石油

康菲石油是世界领先的勘探和生产公司之一，生产和储量并存，拥有全球多元化的资产组合。康菲石油总部位于得克萨斯州休斯敦，截至2024年3月31日，其业务和活动遍及13个国家，总资产950亿美元，员工约10,000人。截至2024年3月31日的三个月，平均产量为1,902 MBOED，截至2023年12月31日，已探明储量为6.8 BBOE。欲了解更多信息，请访问www.conocophillips.com。

Contacts

丹尼斯·纳斯(Dennis Nuss)(媒体)

281-293-1149

邮箱：dennis.nuss@conocophillips.com

投资者关系

281-293-5000

investor. relations @ www.example.com

关于马拉松石油

马拉松石油公司(纽约证券交易所股票代码：MRO)是一家独立的石油和天然气勘探与生产(E&P)公司，专注于美国四大最具竞争力的资源业务-德克萨斯州的伊格尔福特、北达科他州的巴肯、新墨西哥州和德克萨斯州的二叠纪以及俄克拉何马州的STACK和TOOP，并在赤道几内亚拥有世界级的综合天然气业务。该公司的成功框架建立在强劲的资产负债表、卓越的ESG 和高质量的多盆地投资组合的竞争优势之上。欲了解更多信息，请访问www.marathonoil.com。.

个联系人

。此外，康菲石油向美国证券交易委员会提交的文件 将在康菲石油的网站上免费提供，网址为

713-296-2191

Www.conocophillips.com/

马拉松公司提交的申请将在马拉松公司的网站上免费提供，网址为：

Ir.marathonoil.com/。

非GAAP财务信息的使用 和其他术语-本新闻稿包含未根据GAAP编制的某些财务指标，包括运营现金(CFO)、自由现金流和净债务。CFO的计算方法是从经营活动提供的现金中扣除营运资金的影响。自由现金流是CFO扣除资本支出和投资后的净额。净债务是资产负债表上的总债务减去现金、现金等价物和短期投资。本新闻稿还包含企业价值、供应成本和资本回报等术语。本新闻稿中包含的企业价值是根据截至2024年3月31日的净债务和按康菲石油2024年5月28日收盘价计算的0.2550的固定兑换率预期发行的股票的总和计算的。供应成本是指WTI的等值价格，它在超前和完全负担的基础上产生10%的税后回报。 完全负担包括资本基础设施、外汇、与价格相关的通胀、并购和碳税(如果当前评估)。 如果资产不存在碳税，则应用与内部能源方案相一致的碳定价。所有桶的资源都有9%的折扣。资本回报被定义为普通股息、股票回购和现金可变回报(VROC)的总和。

给美国投资者的警示提示 -美国证券交易委员会允许石油和天然气公司在提交给美国证券交易委员会的文件中只披露已探明、可能和可能的储量。在本新闻稿中，我们可能会使用美国证券交易委员会指南禁止我们在提交给美国证券交易委员会的文件中包含的术语“资源”。我们敦促美国投资者仔细考虑我们提交给美国证券交易委员会的10-K表格和其他报告和备案文件中披露的石油和天然气。可以从美国证券交易委员会和康菲石油网站获得该报告的副本。

表1：债务与净债务的对账

百万美元，除非另有说明

季度末

马拉松石油公司总债务*更少：现金和现金等价物短期投资净债务*债务总额包括下列资产负债表账户：“长期债务”、“商业票据”和

“一年内到期的长期债务”，分别为45.78亿美元、4.5亿美元和4亿美元。

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.