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Conoco and Phillips have agreed to merge in a $35 billion strategic combination. Both boards have unanimously approved the merger of equals. The new company will be named ConcoPhillips. This combination creates the third-largest integrated U.S. energy company and the six largest in the world, based on market capitalization and reserves and production, as well as the fifth-largest global refiner. Under terms of the signed agreement, Phillips shareholders will receive one share of new ConocoPhillips common stock for each share of Phillips they own, and Conoco shareholders will receive .4677 shares of the new firm’s stock.

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