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ConocoPhillips Announces Three Agreements with PetroChina



  ConocoPhillips Announces Three Agreements with PetroChina

Business Wire

HOUSTON -- February 20, 2013

ConocoPhillips (NYSE: COP) today announced that it has entered into a set of
agreements with PetroChina Company Ltd. (PetroChina) whereby PetroChina will
acquire an interest in two Western Australia exploration assets and establish
a Joint Study Agreement (JSA) for unconventional resource development in
Sichuan Basin in China.

Under these agreements, which still require government and partner approvals,
PetroChina will acquire a working interest in the Poseidon offshore discovery
in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin.
In addition, ConocoPhillips will enter into a Joint Study Agreement to
identify unconventional resource reserves in the Neijiang-Dazu Block in
China’s Sichuan Basin.

“ConocoPhillips is pleased that PetroChina has recognized the significant
resource potential and value of the Australian opportunities. Likewise,
ConocoPhillips recognizes the Sichuan Basin as having some of the most
prospective marine shales in China and looks forward to working with one of
the world’s leading energy companies,” said Don Wallette, executive vice
president, Commercial, Business Development and Corporate Planning,
ConocoPhillips. “The signing of these three agreements marks a significant
step toward increased global collaboration between our companies.”

Under the terms of the agreement with ConocoPhillips, PetroChina will acquire
working interest in the two Australian projects; specifically 20 percent of
Poseidon in the Browse Basin and 29 percent of Goldwyer in the Canning Basin.

Under the JSA, ConocoPhillips and PetroChina will study the potential for
unconventional resource development in the approximately 500,000 acre
Neijiang-Dazu Shale Block in the Sichuan Basin. The joint study will be an
important step in evaluating the potential for unconventional resource
exploration in the area. If technically and commercially viable, the companies
will advance development under a production sharing contract, which would be
agreed upon during the study period.

Todd Creeger, President, ConocoPhillips Australia-West said the agreement with
PetroChina was significant for the company’s growth plans in both China and
Australia. “We welcome PetroChina as a new joint venture participant in our
Australian offshore and onshore exploration projects. We look forward to
jointly delivering two successful assets,” Creeger said.

Jim Taylor, President, ConocoPhillips China stated, “This is a great
opportunity for ConocoPhillips to cooperate with PetroChina in order to study
the potential for unconventional resource development here in China. We
believe that the cooperation between the two companies will form an important
driver in promoting clean energy supply to China and contributing to the
country’s transition into a clean energy economy.”

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities
in 30 countries, $58 billion in annual revenue, $117 billion of total assets
and approximately 16,900 employees as of Dec. 31, 2012. Production from
continuing operations averaged 1,527 MBOED in 2012 and proved reserves were
8.6 billion BOE as of Dec. 31, 2012. 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 news 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,"
"plan," "potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort," "target"
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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