------------------------------------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [X] Soliciting Material Pursuant to Rule 14a-12 BURLINGTON RESOURCES INC. ------------------------------------------------------------------------------ (Name of Registrant as Specified in its Charter) ------------------------------------------------------------------------------ (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: ------------------------------------------------------------------ (2) Aggregate number of securities to which transaction applies: ------------------------------------------------------------------ (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ------------------------------------------------------------------ (4) Proposed maximum aggregate value of transaction: ------------------------------------------------------------------ (5) Total fee paid: ------------------------------------------------------------------ [ ] Fee paid previously with preliminary materials: [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ------------------------------------------------------------------ (2) Form, Schedule or Registration Statement No.: ------------------------------------------------------------------ (3) Filing Party: ------------------------------------------------------------------ (4) Date Filed: ------------------------------------------------------------------ ------------------------------------------------------------------------------ On December 13, 2005, Burlington Resources Inc. made the following presentation at a meeting for all of its employees.
ConocoPhillips Offer
BR All-Employee Webcast
December 13, 2005
Transaction Overview
$92 per BR share based on COP closing price on
December 9, 2005 (21% premium to BR close)
For each BR share:
$46.50 cash
0.7214 COP shares
Enterprise value: $35.6B
including net debt
Principal conditions to closing:
BR shareholder approval: Q1 2006
regulatory clearances: 1H 2006
1
Strategic Rationale for COP
Creates leading North American gas position
high-quality, long-lived, low-risk gas reserves
significant unconventional resource plays
enhances production growth / N.A. gas supply
near-term conventional / unconventional
long-term LNG and Arctic gas
Enhances business mix
increases E&P, OECD, and North American gas
Significant free cash flow
Accessing technical capabilities / synergies
2
COP/BR: Stronger North America Gas Position
3
Key Drivers for BR
Delivers significant premium / cash component
Provides immediate access to new business
development opportunities
Provides exposure to expanded exploration activity
Adds significant international assets
Leverages technical strengths to broader portfolio,
including refining and marketing
Solidifies leading natural gas position in North America
4
COP/BR: Expanded Opportunities
Existing BR Intl.
positions
5
Year-End 2004 North America
Natural Gas Reserves
(TCF)
2004 North America
Natural Gas Production
(BCF/D)
Source: J. S. Herold Database (FASB 69 Proved Reserve Table)
*Note: BP Reserves includes US only; Canada Reserves unavailable
North America Gas Position
6
Asset Mix
COP
COP/BR
Gas / Liquids Mix
Based on Reserves
Capital Employed
by
Business Segment
R&M
31%
E&P
61%
Other
3%
E&P
74%
R&M
21%
Other
2%
Midstream &
Chemicals
5%
Midstream &
Chemicals
3%
Gas / Liquids Mix
Based on Production
BR
Liquids
31%
Gas
69%
E&P
100%
Liquids
32%
Gas
68%
Liquids
65%
Gas
35%
Liquids
57%
Gas
43%
Liquids
65%
Gas
35%
Liquids
59%
Gas
41%
7
Synergies: Strategic Overlap
Combines cultures focused on cost management and
project execution
technology excellence
operational best practices
Enhances BRs core San Juan position
Blends talented and skilled employee base
Promotes a smooth and efficient integration process
8
San Juan: High Quality, Long-Lived Gas Reserves
Significant synergy potential
Production enhancement
Operating and administrative
expenses
Lower gathering and
transportation costs
Better utilization of COP
50%-owned Blanco Gas
Processing Plant
7.5
2.4
5.1
Reserves (TCFE)
1610
770
840
Acreage (M acres)
1308
564
744
Production (MMCFED)
Total
COP
BR
BR
COP
COLORADO
NEW MEXICO
9
Integration
Two BR directors to join COP Board
Bobby Shackouls, Bill Wade
Talent retention plan
Randy Limbacher becomes EVP responsible for
North & South America E&P
key technical / operational talent
Integration team formed
Randy Limbacher, Team Lead
Ellen DeSanctis, Communications
Rick Diaz, Shared Services
Mark Ellis, Operations
Rick Plaeger, Legal
Bill Usher, Human Resources
Dane Whitehead, Finance
10
Integration Timeline
December 16, 2005: launch Integration Web site
First week of January 2006: integration team kick-off meetings
Third week of January 2006:
integration sub-teams established
integration team goals and deliverables established
Mid-February of 2006:
upstream E&P asset review complete
preliminary organization structure identified
End of February 2006: management positions filled
March: Day 1 Transition Plan
April June 2006: implementation of Transition Plan
2Q 2006: anticipated merger close
11
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Except for the historical and factual information contained herein, the matters set forth in this filing, including statements as to the expected benefits of the acquisition such as efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "estimates, "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including required approvals by Burlington Resources shareholders and regulatory agencies, the possibility that the anticipated benefits from the acquisition cannot be fully realized, the possibility that costs or difficulties related to the integration of Burlington Resources operations into ConocoPhillips will be greater than expected, the impact of competition and other risk factors relating to our industry as detailed from time to time in each of ConocoPhillips' and Burlington Resources' reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Burlington Resources Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ADDITIONAL INFORMATION In connection with the proposed transaction, ConocoPhillips will file a Form S-4, Burlington Resources will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE MERGER. Investors may obtain a free copy of the Form S-4 and the proxy statement (when available) and the other documents free of charge at the website maintained by the SEC at www.sec.gov. ConocoPhillips, Burlington Resources and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Burlington Resources' stockholders in connection with the merger. Information about the directors and executive officers of ConocoPhillips and their ownership of ConocoPhillips stock will be set forth in the proxy statement for ConocoPhillips' 2006 Annual Meeting of Stockholders. Information about the directors and executive officers of Burlington Resources and their ownership of Burlington Resources stock is set forth in Burlington Resources' proxy statement for its 2005 annual meeting, which was filed with the SEC on March 10, 2005. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger when they become available. Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decision.