ConocoPhillips Announces Intended Sale of Algerian Business Unit

  ConocoPhillips Announces Intended Sale of Algerian Business Unit

Business Wire

HOUSTON -- December 18, 2012

ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to
sell its Algerian business unit for a total of $1.75 billion plus customary
adjustments. The proposed sale is subject to co-venturer preemption rights and
Algerian government approval.

ConocoPhillips has entered into an agreement with Pertamina to sell its
wholly-owned subsidiary, ConocoPhillips Algeria Ltd., which holds interests in
three major onshore oil fields located either fully or partially in Block
405a, Menzel Lejmat North (65 percent, operated), Ourhoud (3.7 percent,
nonoperated), and EMK (16.9 percent, nonoperated). ConocoPhillips’ 2012 net
production from these fields averaged 11 thousand barrels of oil equivalent
per day through October, and at Oct. 31, 2012, the net carrying value of
ConocoPhillips’ Algerian assets was approximately $850 million.

“The sale of our Algerian business unit represents another important step in
transforming ConocoPhillips’ asset base, and advances the strategic interests
of both Pertamina and ConocoPhillips,” said Don Wallette, executive vice
president, Commercial, Business Development, and Corporate Planning.

The transaction is anticipated to close by mid-2013. Through Sept. 30, 2012,
the company’s 2012-13 asset disposition program has yielded proceeds of $2.1
billion. Including this transaction, the company has announced additional
asset sales that are expected to generate proceeds of approximately $7 billion
when complete. Funds generated from these transactions are intended to be used
for general corporate purposes.

The proposed sale of its Algerian business unit is part of ConocoPhillips’
plan to increase value for shareholders through portfolio optimization,
focused capital investments that deliver growth in production and cash
margins, improved returns on capital, and sector-leading shareholder
distributions.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities
in 30 countries, $115 billion of assets, and approximately 16,700 employees as
of Sept. 30, 2012. Production averaged 1.57 million BOE per day for the nine
months ended Sept. 30, 2012, and proved reserves were 8.4 billion BOE as of
Dec. 31, 2011. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements. Forward-looking
statements relate to future events and anticipated results of operations,
business strategies, and other aspects of our operations or operating results.
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that the statements are not forward-looking. Where, in any forward-looking
statement, the company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, there can be no assurance that such
expectation or belief will result or be achieved. The actual results of
operations can and will be affected by a variety of risks and other matters
including, but not limited to, changes in commodity prices; changes in
expected levels of oil and gas reserves or production; operating hazards,
drilling risks, unsuccessful exploratory activities; difficulties in
developing new products and manufacturing processes; unexpected cost
increases; international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited access to
capital or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and general
domestic and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to our business. Other
factors that could cause actual results to differ materially from those
described in the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business generally as set
forth in our filings with the Securities and Exchange Commission. Unless
legally required, ConocoPhillips undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

ConocoPhillips
John McLemore, 281-293-1247 (media)
john.l.mclemore@conocophillips.com
or
Aftab Ahmed, 281-293-4138 (media)
aftab.ahmed@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com