The instructions below work if you have purchased BR in one block and have not had any reinvested dividends or additional purchases of the stock. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. In 1988, the company was formed to own the resource assets of Burlington Northern Railroad. On-line job offerings. If you have reinvested dividends or purchased additional blocks of stock, you'll need to calculate this for each and every block.
As a result of the merger, each share of Burlington Resources common stock has been converted into the right to receive $46.50 in cash and 0.7214 shares of ConocoPhillips common stock. Show that you are receiving the full number of shares of COP, including the fractional portion.Enter the Cash In Lieu received in the Cash Received section.Step 10 - Optional) If there is a reorganization fee, that gets entered as a negative Return of Capital against ConocoPhillipsThis merger is a cash plus stock reorganization, a type of transaction which has become more and more frequent in recent years.For each share of BR, you received 0.7214 shares of COP common stock plus $46.50 in cash.First, if you have made any entries for this transaction in the Club Accounting software, you should delete them.Finally, on 4/2/06 enter a negative return of capital against COP for the reorganization fee. The deal would nearly double ConocoPhillips' global natural gas production, JP Morgan analyst Jennifer Rowland said in a note to clients before the transaction was announced.The deal "enhances ConocoPhillips' production growth and North American gas supply position both in the near-term, through projects involving conventional and unconventional resources, and in the long-term through LNG (liquid natural gas) and Arctic gas projects," ConocoPhillips Chairman and CEO Jim Mulva said in a written statement.A combined ConocoPhillips and Burlington could shave capital spending 5 to 10 percent without hurting production simply by eliminating duplication, he said.The deal calls for investors in Burlington Resources to receive $46.50 in cash and 0.7214 shares of ConocoPhillips common stock for each Burlington share they own. "It's instant gratification. Goto Transactions,Dividend or Distribution: Type Return of Capital.
The reportable gain is the lesser of the cash received or the total gain. "They said large oil companies, which are enjoying record profits and sitting on huge cash reserves, would look to acquire other independents, such as EnCana Corp., Devon Energy Corp., Anadarko Petroleum Corp., Chesapeake Energy Corp. and Pioneer Natural Resources Co.ConocoPhillips said it would fund the acquisition with existing cash, existing credit facilities and new additional bank and bond debt.
Multi-national petrochemical company.
Of the shares actually voted, more than 98% voted in favor of the merger.Burlington Resources Inc. shareholders on Mar.
If approved by Burlington shareholders, it would make ConocoPhillips one of the nation's top producers of natural gas.
The total number of COP shares received will be 0.7214 times the number of BR shares held. "Overall, our North American gas supply position is strengthened both in the near term, through projects involving conventional and unconventional resources, and in the long term through LNG and Arctic gas projects. Subtract your BR basis from that total consideration to calculate your gain.
Date this transaction one day later than the previous two, or 4/1/06.
You report it by going to Transactions, Dividend or Distribution, and then selecting either long term or short term capital gain as the type. 31.ConocoPhillips late last year announced plans to acquire Burlington Resources for $35.6 billion (OGJ, Dec. 19, 2005, p.
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