ConocoPhillips Announces Further Progress on Asset Disposition Program with Intended Sale of Nigerian Business Unit

  ConocoPhillips Announces Further Progress on Asset Disposition Program with
  Intended Sale of Nigerian Business Unit

Business Wire

HOUSTON -- December 20, 2012

ConocoPhillips (NYSE: COP) today announced it has entered into agreements to
sell its Nigerian business unit for a total of $1.79 billion plus customary
adjustments.

ConocoPhillips has entered into agreements with affiliates of Oando PLC to
sell its Nigerian business unit. This includes two offshore properties
consisting of a 95 percent operated interest in OML 131 (Chota Field) and 20
percent nonoperated interest in OPL 214 (Uge Field), as well as a 20 percent
nonoperated interest in onshore OMLs 60-63 (NAOC joint venture), a 20 percent
nonoperated interest in the Kwale-Okpai Independent Power Plant and a 17
percent nonoperated interest in the Brass LNG project. ConocoPhillips’ 2012
net production in Nigeria averaged 43 thousand barrels of oil equivalent per
day through October, comprising approximately 60 percent natural gas and 40
percent liquids. At Oct. 31, 2012, the net carrying value of ConocoPhillips’
Nigerian assets was approximately $600 million.

“This intended sale represents further progress on our asset disposition
program,” said Don Wallette, executive vice president, Commercial, Business
Development, and Corporate Planning. “We are pleased that Oando PLC recognizes
the value of this asset.”

The transaction is anticipated to close by mid-2013, following appropriate
consultations with stakeholders. Including this transaction, the company has
announced total asset sales of approximately $11 billion during 2012. Proceeds
from these divestitures will allow the company to continue executing its
existing growth programs and capture new opportunities for the future.

The proposed sale of its Nigerian 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.
In many cases you can identify forward-looking statements by terminology such
as "anticipate," "estimate," "believe," "continue," "could," "intend," "may,"
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and other similar words. However, the absence of these words does not mean
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 (media), 281-293-1247
john.l.mclemore@conocophillips.com
or
Aftab Ahmed (media), 281-293-4138
aftab.ahmed@conocophillips.com
or
Vladimir R. dela Cruz (investors), 212-207-1996
v.r.delacruz@conocophillips.com
 
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