Burlington Resources Stockholders Approve ConocoPhillips Merger

Burlington Resources' proposed merger with ConocoPhillips was approved at the special meeting of stockholders held on March 30 in Houston, Texas. The merger is expected to close on March 31, 2006.

The company said that, based upon the preliminary tally of shares voted, approximately 280 million shares, or more than 74 percent of the total shares outstanding as of the record date for the special meeting, were voted in favor of the merger. Of the shares voted, more than 98 percent were voted in favor of the merger. Approval of the merger required the affirmative vote of a majority of the shares outstanding as of the record date for the special meeting, February 24, 2006. As of the record date, Burlington Resources had 375,620,120 shares of stock outstanding.

Under the terms of the merger agreement, Burlington Resources stockholders will receive $46.50 in cash and 0.7214 shares of ConocoPhillips stock for each share of Burlington Resources stock.

"While this merger marks the end of Burlington Resources as an independent company, our legacy of disciplined, focused development of North American natural gas will continue as part of ConocoPhillips, one of our country's most respected integrated oil and gas companies," said Bobby Shackouls, Burlington's chairman, president and chief executive officer.

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Posted 03/04/06

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