ConocoPhillips Announces Agreement to Sell Cedar Creek Anticline Properties for $1.05 Billion

  ConocoPhillips Announces Agreement to Sell Cedar Creek Anticline Properties
  for $1.05 Billion

Business Wire

HOUSTON -- January 15, 2013

ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to
sell its properties in the Cedar Creek Anticline for a total of $1.05 billion
before customary adjustments.

ConocoPhillips has entered into an agreement with Denbury Resources Inc.’s
principal operating subsidiary to sell ConocoPhillips’ properties in the Cedar
Creek Anticline, comprising approximately 86,000 net acres in southwestern
North Dakota and eastern Montana. ConocoPhillips’ 2012 net production from
these properties averaged 13 thousand barrels of oil equivalent per day
through November. The sale does not include any of ConocoPhillips’ assets in
the Bakken Formation, where ConocoPhillips owns 626,000 net acres, consisting
of 207,000 net lease acres and 419,000 net mineral acres.

“This disposition represents further optimization of our portfolio. The
transaction will allow us to focus our investments in North Dakota and Montana
on our significant Bakken unconventional position,” said Don Wallette,
executive vice president, Commercial, Business Development and Corporate
Planning. “We are pleased that Denbury Resources Inc. recognizes the value of
these properties.”

ConocoPhillips expects to record a net earnings benefit of approximately $120
million after-tax in the fourth quarter of 2012. The transaction is expected
to close in the first quarter of 2013. Including this transaction, the company
has announced total asset sales of approximately $12 billion since the
beginning of 2012. Proceeds from these divestitures will be used for general
corporate purposes and allow the company to continue executing its existing
growth programs and capture new opportunities for the future.

The proposed sale of these assets 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


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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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
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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.


Daren Beaudo (media)
Aftab Ahmed (media)
Vladimir R. dela Cruz (investors)
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