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  • 8/9/2019 ConocoPhillips v Citgo - Letter Describing Sale of Assets by Citgo in New Debt Issuance - 23 January 2015

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    Mdbudry;8, ;34>

    Ugn Gobordkfn Hdrof`bn Kdinr \@D n-l`f`ba dbe gdbe enf`vnry Gdrr`s Houbty H`v`f Hourtgousn;34 Hdrof`bn, 45tg LfoorGoustob, UW 1133;

    [N= Hdusn Bo. ;345-tg Mue`h`df E`str`ht Hourt,Gdrr`s Houbty, Unxds

    Endr Muean Kdinr=

    Qn drn wr`t`ba ob kngdfl ol [ufn ;3; pnt`t`obnrs HobohoSg`ff`ps Sntrozudtd K.\.dbe Sg`ff`ps Sntrofnuj Hojpdby \nbnzunfd F`j`tne (‖Snt`t`obnrs‚). Ugn [ufn ;3;

    pnt`t`ob wds l`fne ob Bovnjknr ;5, ;345, dbe db ordf gndr`ba wds gnfe ob Enhnjknr 4>,;345. Sfndsn dffow tg s̀ fnttnr to upedtn you ob rnhnbt nvnbts rnfnvdbt to tgn pnbe`ba [ufn

    ;3; pnt`t`ob.Ob Mdbudry ;3, ;34>, tgn Qdff Xtrnnt Mourbdf pukf`sgne db drt`hfn, ‖Sfua Suffne ob

    \nbnzunfd‐s Xdfn ol H`tao,‚ rnport`ba tgdt ‖YdZ sdfn prohnss lor \nbnzunfd‐s H`taoSntrofnuj Horp. gds knnb hdffne oll,‚ dbe ‖YtZgn duht`ob wds shrdppne `b rnhnbt edysdltnr snvnrdf su`tors sukj`ttne k`es `b ndrfy Enhnjknr, pnopfn ldj`f`dr w`tg tgn jdttnrsd`e.‚ (Dttdhgne ds Nxg`k`t 4.) Dhhore`ba to tgn drt`hfn, H`tao `s bow ‖pfdbb`ba to rd`sn$;.> k`ff`ob `b enkt `bstnde,‚ bot`ba tgdt ‖YtZgn enkt sdfn . . . houfe snrvn ds d jorn`jjne`dtn sourhn ol hdsg lor tgn houbtry.‚

    [nutnrs pukf`sgne dbotgnr drt`hfn ob Mdbudry ;3, ;34>, enshr`k`ba tgn pfdbbne enktsdfn `b jorn entd`f. (Dttdhgne ds Nxg`k`t ;.) Dhhore`ba to [nutnrs, ‖Enutshgn Kdbi gdsdbboubhne pfdbs lor d $4.> k`ff`ob kobe to kn `ssune ky H`tao Gofe`bas,‚ dbe gds‖shgneufne kdbi jnnt`bas lor Ugursedy `b Bnw Pori to fdubhg d $4 k`ff`ob snb`orsnhurne l`rst f`nb l`vn-yndr tnrj fodb K.‚ Ugn [nutnrs p`nhn e`e bot sdy wgntgnr tgn sdfnol H`tao or `ts dssnts gde knnb tdkfne.

    Ob Mdbudry ;4, ;34>, Nbnray Bnws Uoedy pukf`sgne d story t`tfne, ‖\nbnzunfdbAovnrbjnbt Bow Sursu`ba Xdfn ol Xojn ol H`tao Unrj`bdfs dltnr Hdbhnff`ba Xdfn ol

    4/;8/;34> ;=>0=37Hgr`s Edb`nf - E`str`ht Hfnri Gdrr`s Ho

    Nbvnfopn Bo. 8774Ky= Q@FF@N M

    L`fne= 4/;8/;34> ;=>0=3

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    Sdan ;

    Nbt`rn Hojpdby.‚ (Dttdhgne ds Nxg`k`t 8.) Dhhore`ba to tgn drt`hfn, tgn proposne sdfnwoufe `bhfuen l`vn rnl`bne o`f proeuht tnrj`bdfs, `bhfue`ba obns fohdtne `b Ndst Hg`hdaodbe F`benb, B.M., `b Bnw Pori Gdrkor. Ug`s rnport dppndrs to hoblf`ht w`tg tgn bot`obtgdt H`tao dbe/or `ts dssnts drn bo fobanr lor sdfn.

    Ugn ubenrs`abne houbsnf lor Snt`t`obnrs‐ hobtdhtne H`tao‐s houbsnf, Mogb]dv`tsdbsos, to `bqu`rn wgntgnr `b ldht tgn sdfn ol H`tao dbe/or dby ol `ts dssnts gde knnbhdffne oll dbe tgn tnrjs ol dby pfdbbne enkt sdfn. Jr. ]dv`tzdbos rnpf`ne w`tg db njd`ftoedy stdt`ba tgdt gn houfe bot ‖hobl`rj n`tgnr wdy dt tg`s t`jn,‚ dee`ba tgdt gn gde botspoinb w`tg H@UAO dbe w`ff kn out ol towb lor snvnrdf edys.

    Ugnsn rnhnbt rnports ubenrshorn tgn hobt`bu`ba ubhnrtd`bty surroube`ba d potnbt`df

    sdfn ol H`tao or `ts dssnts dbe tgn bnne lor [ufn ;3; rnf`nl. Ugn hoblf`ht`ba rnports ovnrtgn stdtus ol tgn H`tao sdfn, tgn bnws ol d bow-proposne enkt sdfn, dbe oppos`bahoubsnf‐s `bdk`f`ty to prov`en Snt`t`obnrs hfdr`ty prov`en lurtgnr support lor Snt`t`obnrs‐[ufn ;3; pnt`t`ob.

    [nspnhtluffy sukj`ttne,

    P NUUN[ HOFNJDB FFS Ky= /s/ [ndadb Q. X`jpsob

    [ndadb Q. X`jpsobXtdtn Kdr Bo. 47535133

    030 Ldbb`b, Xu`tn 8

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    Sdan 8

    HN[U@L@HDUN OL XN[\@HN

    Ug`s `s to hnrt`ly tgdt ob Mdbudry ;8, ;34>, d trun dbe horrnht hopy ol tg`s fnttnr dbe `tsdttdhgjnbts wnrn snrvne nfnhtrob`hdffy ob houbsnf lor H`tao Sntrofnuj Horpordt`ob=

    Mogb ]dv`tsdbos mzdv`tsdbosCdzdfdw.hojNf`zdkntg Sdbb`ff LfnthgnrnlfnthgnrCdzdfdw.hojJnadb F. K`kkjk`kkCdzdfdw.hoj

    DGJDE, ]D\@UXDBOX, DBD@SDIOX,DFD\@ & JNBX@BA S.H.4;;4 JhI`bbny Xtrnnt, Xu`tn 85

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    Ug`s hopy `s lor your pnrsobdf, bob-hojjnrh`df usn obfy. Uo orenr prnsnbtdt`ob-rndey hop`ns lor e`str`kut`ob to your hoffndauns, hf`nbts or hustojnrs v`s`tgttp=//www.emrnpr`bts.hoj.

    gttp=//www.wsm.hoj/drt`hfns/h`tao-duht`ob-hdffne-oll-vnbnzunfd-owbne-rnl`bnr-pfdbs-enkt-sdfn-45;41078 k`ff`ob `b enkt `bstnde, obn ol tgn pnopfn sd`e.

    Ugn sdfns prohnss houfe kn rnstdrtne fdtnr. Horpordtn duht`obs drn rdrn `b tgn `jjne`dtndltnrjdtg ol suhg rnhdp`tdf`zdt`ob endfs, gownvnr, dbe tgn deene enkt houfe jdin tgnhojpdby fnss dttrdht`vn to su`tors too.

    K^X@BNXX

    Sfua Suffne ob \nbnzunfd‐s Xdfn olH`taoO`f [nl`bnr Sfdbs Enkt Xdfn to [d`sn Lubes lor Hdsg-Xtrdppne Houbtry

    H`tao-krdbene ads stdt`obs wnrnb‐t pdrt ol tgn sdfns prohnss. SGOUO= [N^UN[X

    ^pedtne Mdb. ;3, ;34> 1=47 p.j. NU

    Ky [PDB EN]NJKN[ dbe DF@XOB X@EN[

    Sdan 4 ol 8Sfua Suffne ob \nbnzunfd‐s Xdfn ol H`tao - QXM

    4/;;/;34>gttp=//www.wsm.hoj/drt`hfns/h`tao-duht`ob-hdffne-oll-vnbnzunfd-owbne-rnl`bnr-pfdbs-enkt-sdfn-45...

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    H`tao, wg`hg opnrdtns tgrnn ^.X. o`f rnl`bnr`ns dbe rnfdtne dssnts lroj `ts Goustobgndequdrtnrs, wds nxpnhtne to lnthg kntwnnb $7 k`ff`ob dbe $44 k`ff`ob sgoufe `t gdvn knnb sofe, dbdfysts dbe pnopfn hfosn to tgn sdfns prohnss gdvn sd`e.

    Kut rubb`ba d suhhnssluf duht`ob ol d stdtn-owbne nbtnrpr`sn dj`e pfuba`ba o`f pr`hns wds db ubhnrtd`b prospnht to kna`b w`tg, dbe suhg endfs usudffy tdin jdby jobtgs to kn

    `bine dbe hfosne. Ugn enkt sdfn, ob tgn otgnr gdbe, houfe snrvn ds d jorn `jjne`dtnsourhn ol hdsg lor tgn houbtry.

    Ugn rouagfy >3% pfuban `b o`f pr`hns s`bhn tg`s sujjnr gds prnssurne o`f-r`hg \nbnzunfd,

    wg`hg gde dfrndey knnb ldh`ba hdsg-lfow prokfnjs tgdt gdvn lorhne `t to hut kdhi ob`jports dbe hdusne sgortdans ol sojn kds`h aooes. \nbnzunfd bnnes to snff o`f dt $441.>3d kdrrnf to kdfdbhn `ts kueant, obn ol tgn g`agnst pr`hns djoba tgn worfe‐s pntrostdtns,dhhore`ba to dbdfysts dt Enutshgn Kdbi .

    H`tao `s owbne ky Sntrøfnos en \nbnzunfd XD, or Se\XD, tgn stdtn-owbne o`f hojpdbytgdt `s tgn houbtry‐s jd`b sourhn ol hdsg.

    Hobs`enrne d hrowb mnwnf ol Se\XD, H`tao gde rnvnbun ol $5;.8 k`ff`ob dbe ndrb`bas

    knlorn `btnrnst, tdxns, enprnh`dt`ob dbe djort̀ zdt`ob―d hdsg-lfow jndsurn ibowb dsNk`ted―ol $4.7 k`ff`ob `b ;348, dhhore`ba to Mufy enkt-ollnr`ba eohujnbts.

    @t owbs rnl`bnr`ns `b Fdin Hgdrfns, Fd., Horpus Hgr`st`, Unxds, dbe Fnjobt, @ff., wg`hggdvn d hojk`bne prohnss`ba hdpdh`ty ol dkout 1,gttp=//www.wsm.hoj/drt`hfns/h`tao-duht`ob-hdffne-oll-vnbnzunfd-owbne-rnl`bnr-pfdbs-enkt-sdfn-45...

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    Hopyr`agt ;345 Eow Mobns & Hojpdby, @bh. Dff [`agts [nsnrvne

    Ug`s hopy `s lor your pnrsobdf, bob-hojjnrh`df usn obfy. E`str`kut`ob dbe usn ol tg` s jdtnr`df drn aovnrbne ky our Xukshr`knr Darnnjnbt dbe ky hopyr`agt fdw. Lorbob-pnrsobdf usn or to orenr juft`pfn hop`ns, pfndsn hobtdht Eow Mobns [npr`bts dt 4-733-758-3337 or v`s`t www.emrnpr`bts.hoj.

    Ugn proposne bnw enkt endfs wnrn ndrf`nr rnportne ky X&S Hdp`tdf @T FHE, d edtdprov`enr.

    Ugn shuttf`ba ol tgn duht`ob nbes d jobtgsfoba prohnss tgdt wds lrduagt w`tg ubhnrtd`btyovnr \nbnzunfd‐s hojj`tjnbt dbe dk`f`ty to snff tgn rnl`bnr dt db dhhnptdkfn pr`hn.

    @bvnstjnbt kdbi Fdzdre wds nbf`stne fdst yndr to sgop H`tao, wg`hg gde lfdaane dpotnbt`df endf `b d kobe e`shfosurn `b Mufy. Ugn duht`ob hobt`bune `b Enhnjknr ensp`tns`abdfs lroj Hdrdhds tgdt hdst eoukt ob `ts `btnbt`obs. @b Ohtoknr, lor `bstdbhn, L`bdbhnJ`b`stnr [oeoflo Jdrho tofe d \nbnzunfdb bnwspdpnr tgdt, ‖tgn sdfn ol H`tao `s e`shdrenedbe tgn prns`enbt dfrndey dssnrtne `t.‚

    Ugn duht`ob ernw `btnrnst lroj ^.X. rnl`bnrs Jdrdtgob Sntrofnuj Horp. , GoffyLrobt`nrHorp. dbe \dfnro Nbnray Horp. , ds wnff ds pr`vdtn-nqu`ty l`rjs USA dbe [`vnrstobnGofe`bas FFH., wg`hg tndjne up to k`e, dhhore`ba to pnopfn ldj`f`dr w`tg tgn prohnss.

    ^.X. rnl`bnrs gdvn lfour`sgne `b rnhnbt yndrs ds dkubedbt hruen lfowne lroj eojnst`hsgdfn lorjdt`obs. Ugn rnhnbt e`vn `b o`f pr`hns gds gde d j`xne `jpdht ob tgnj. Qg`fnlunf enjdbe `s nxpnhtne to `bhrndsn lroj er`vnrs tdi`ba devdbtdan ol tgn fownst adsof`bnpr`hns `b yndrs, ^.X. dbe `btnrbdt`obdf o`f pr`hns gdvn jovne hfosnr toantgnr, wg`hg gdshg`ppne dwdy dt ^.X. rnl`bnrs‐ devdbtdan ovnr lorn`ab hojpnt`tors.

    ―Inmdf \yds hobtr`kutne to tg`s drt`hfn.

    Qr`tn to [ydb Enznjknr dt rydb.enznjknrCwsm.hoj dbe Df`sob X`enr dtdf`sob.s`enrCwsm.hoj

    Sdan 8 ol 8Sfua Suffne ob \nbnzunfd‐s Xdfn ol H`tao - QXM

    4/;;/;34>gttp=//www.wsm.hoj/drt`hfns/h`tao-duht`ob-hdffne-oll-vnbnzunfd-owbne-rnl`bnr-pfdbs-enkt-sdfn-45...

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    zunfd-owbne rnl`bnr H`tao snnis $;.> kfb `b fodbs, kobes= @L[

    //jok`fn.rnutnrs.hoj/drt`hfn/`e^XF4B3^]4W;;34>34;3?`rph:08;Y4/;;/;34> 8=; kfb ̀ b fodbs, kobes= @L[un Mdb ;3, ;34> 8=57pj NXU

    D[DHDX/GO^XUOB, Mdb ;3 ([nutnrs) - \nbnzunfdb-owbne rnl`bnr H`tao Sntrofnuj Horp ̀ s snni`ba tod`sn $;.> k`ff`ob ̀ b fodbs dbe g`ag-y`nfe kobes to prov`en lube`ba lor \nbnzunfd, Ugojsob [nutnrs @L[nportne ob Uunsedy.

    ofn kooirubbnr Enutshgn Kdbi gds dbboubhne pfdbs lor d $4.> k`ff`ob kobe to kn ̀ ssune ky H`tao Gofe`bas,w`tg rodesgow entd`fs nxpnhtne to njnran bnxt wnni, rnportne @L[, w`tgout h`t`ba sourhns.

    gn Anrjdb kdbi gds dfso shgneufne kdbi jnnt`bas lor Ugursedy ̀ b Bnw Pori to fdubhg d $4 k`ff`ob snb`or nhurne l`rst f`nb l`vn-yndr tnrj fodb K, dhhore`ba to @L[.

    otg \nbnzunfd's stdtn-rub SE\XD dbe `ts ^.X. o`f rnl`b`ba dbe jdrint`ba ub`t H`tao e`e bot `jjne`dtnfynspobe to rnqunsts lor hojjnbt.

    `tao's dssnts, ̀ bhfue`ba d rnl`b`ba bntwori w`tg hdpdh`ty to prohnss up to 1>3,333 kdrrnfs pnr edy (kpe) ol ruen, gdvn knnb up sdfn s`bhn ;345. Xnvnrdf k`ee`ba roubes gdvn knnb gnfe ky kdbi`ba l`rj Fdzdre Fte,`rne ky SE\XD to jdbdan tgn opnrdt`ob.

    ftgouag \nbnzunfd's l`bdbhn j`b`stnr ̀ b Ohtoknr enb`ne tgn pnbe`ba sdfn, Fdzdre gds hobt`bune w`tg tgnrohnss ̀ b rnhnbt jobtgs, dhhore`ba to sourhns hfosn to tgn endf. Ollnrs lroj dt fndst lour k`eenrs wnrnnhn`vne ds ol j`e Enhnjknr.

    `tao's kodre ol e`rnhtors gde or`a`bdffy e`shussne d kobe ̀ ssun ̀ b ;345 ds db dftnrbdt`vn to rd`sn hdsg lor nbnzunfd wg`fn dvo`e`ba d sdfn ol dssnts, dhhore`ba to sourhns hfosn to tgn hobvnrsdt`obs. @t `s bot hfndr ̀ l g`s opnrdt`ob w`ff dllnht tgn obao`ba sdfn prohnss.

    `tao dbboubhne ̀ b j`e ;345 tgdt ̀ t gde l`b`sgne d rnl`bdbh`ba opnrdt`ob to rneuhn ̀ btnrnst pdyjnbts, wg`hgprovne `ts hrne`t prol`fn. Kut danbhy Jooey's eowbardene SE\XD dbe H`tao's rdt`ba fdst wnni eun to d`agnr prokdk`f`ty ol enlduft.

    nbnzunfdb kobes gdvn tujkfne ̀ b rnhnbt jobtg ds ̀ bvnstors worry `t houfe struaafn to jdin s`zndkfn enktdyjnbts dj`e tujkf`ba o`f pr`hns dbe sf`pp`ba ̀ btnrbdt`obdf rnsnrvns.

    rns`enbt B`hofds Jdeuro sdys tgn houbtry w`ff gobor dff `ts enkt pdyjnbts dbe e`sj`ssns enkt enlduft ds dagt-w`ba sjndr hdjpd`ab. ([nport`ba ky Kr`db Nffswortg ̀ b Hdrdhds dbe Jdr`dbbd Sdrrdad ̀ b Goustob9e`t`ba ky Jdraunr`td Hgoy)

    Njd`f Drt`hfn Bnxt Drt`hfn= NHK fdubhgns 4 tr`ff`ob nuro rnshun pfdb to rnv`vn nuro nhobojy

    Dff Hdtnaor`ns

    ANBN[DFUop BnwsNbv`robjnbtUnhgbofoayQorfe Bnws@btnrbnt

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    Luff Drt`hfn

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    zunfd-owbne rnl`bnr H`tao snnis $;.> kfb `b fodbs, kobes= @L[

    //jok`fn.rnutnrs.hoj/drt`hfn/`e^XF4B3^]4W;;34>34;3?`rph:08;Y4/;;/;34> 8=;

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    Lroj= BNQXDFN[UCnbnraybnwstoedy.hoj6jd`fto=BNQXDFN[UCnbnraybnwstoedy.hoj2 ,Yjd`fto=BNQXDFN[UCnbnraybnwstoedy.hojfXnbt=Qnebnsedy, Mdbudry;4, ;34> 43=45DJ

    Xukmnht= YNWUN[BDFmNbnrayBnwsUoedy- \nbnzunfdb Aovnrbjnbt Bow Sursu`ba Xdfn Ol Xojn H`tao Unjb`bdfs DltnrHdbhnf`ba XdfnOl Nbt`rn Hojpdby

    \nbnzunfdb Aovnrbjnbt Bow Sursu`ba XdfnOl Xojn H`tao Unrj`bdfs Dltnr Hdbhnf`baXdfnOl Nbt`rn Hojpdby

    NbnrayBnwsUoedy/Mdb ;4/4437 NU- Ugnhdsg-strdppne \nbnzunfdb aovnrbjnbt bow snnis to snff sojn tnrj`bdfsknfoba`ba to ^X suks`e`dry H`tao dltnr hdbhnf`ba pfdbsfdst yndr to e`vnst H`tao outr`agt. L`vn tnrj`bdfs gdvn knnb snfnhtneds prospnhts lor d poss`kfn sdfn. Ugn jost `jportdbt ol tgosn drn `b Ndst Hg`hdao dbe F`benb, B.M.,̀ b Bnw Pori Gdrkor.Bo `blorjdt`ob wds dvd`fdkfn dkout tgn t`jn lrdjn. H`tao s e`str`kut`ob bntwori hobs`sts ol 57 owbne or opnrdtne rnl`bneproeuhts tnrj`bdfs, obn ol tgn k`aanst `b tgn houbtry. Ds rnportne, tgn sdfn ol dffH`tao dssnts wds sueenbfy hdffne oll `bOhtoknr ky \nbnzunfd s nhobojy v`hn prns`enbt, [oeoflo Uorrns. H`tao owbs8 rnl`bnr`ns w`tg 150,333 kpe `b hdpdh`ty.Hopyr`agt ;34> dff r`agts rnsnrvne

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    Nbnray Bnws Uoedy, @bh. ( NBU ).Hopyr`agt protnhtne s`bhn ;33; wGg dff r`agts rnsnrvne. NBUjdins bo rnprnsnbtdt`ob,wdrrdbty or audrdbtnn ds to tgn dhhurdhy or hojpfntnbnss ol tgn `blojbdt`ob prov`ene tgrouag `ts snrv`hn. @bbo nvnbtsgdff NBU or `ts dll`f`dtns kn f`dkfn to dby sukshr`knr or otgnr pnrsob lor dby enh`s`ob jden or dht`ob tdinb `b rnf`dbhn upobtgn `blorjdt òb prov`ene ky NBU.wwvv.nbnraybnwstoedy.hoj6gttp=//www.nbnraybnwstoedy.hoj2

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