ConocoPhillips Announces Significant Oil Discovery in Deepwater Gulf of Mexico and Provides Program Update

  ConocoPhillips Announces Significant Oil Discovery in Deepwater Gulf of
  Mexico and Provides Program Update

Business Wire

HOUSTON -- March 19, 2013

ConocoPhillips (NYSE: COP) today announced a significant oil discovery from
its recently drilled Shenandoah appraisal in the deepwater Gulf of Mexico. The
WR51-2 Shenandoah appraisal well encountered more than 1,000 feet of net pay
in high-quality Lower Tertiary-aged reservoirs.

“The potential of the Shenandoah discovery, combined with very positive
indicators of hydrocarbons in the nearby Coronado well, further strengthens
our position in the Lower Tertiary Play,” said Larry Archibald, senior vice
president, Exploration. “We believe this discovery could be material and,
together with the doubling of our deepwater Gulf of Mexico acreage position in
the last two years, reinforces our global exploration strategy of getting into
the right plays early in their life-cycle. Today’s announcement is an
important first step in demonstrating our ability to grow a high-value Gulf of
Mexico portfolio through organic exploration.”

The Shenandoah appraisal well, located in Walker Ridge Block 51, was drilled
to a total depth of 31,405 feet in approximately 5,800 feet of water. The well
was about one mile southwest and approximately 1,700 feet structurally
down-dip from the 2009 Shenandoah-1 discovery well. Log and pressure data
collected in the Shenandoah-2 well indicate high-quality reservoir and fluid
properties similar to those encountered in the discovery well. Logs indicate
that the targeted Lower Tertiary sands were full to base with hydrocarbons and
there was no evidence of an oil-water contact. ConocoPhillips holds a 30
percent working interest in Shenandoah. Other co-owners are Anadarko Petroleum
Corporation (NYSE: APC), 30 percent working interest and operator; Cobalt
International Energy, L.P. (NYSE: CIE), 20 percent; Marathon Oil Company
(NYSE: MRO), 10 percent; and Venari Offshore LLC, 10 percent.

The Coronado wildcat exploration well, located in Walker Ridge Block 98, was
drilled to a total depth of 31,866 feet, in 6,127 feet of water. The well is
located approximately 190 miles off the coast of Louisiana and approximately
12 miles southeast of the Shenandoah discovery. Results from the Coronado well
are still being evaluated, and additional appraisal will be needed to
determine the full extent of the resource. ConocoPhillips holds a 35 percent
working interest in Coronado. Other co-owners are Chevron Corporation (NYSE:
CVX), 40 percent working interest and operator; Anadarko Petroleum
Corporation, 15 percent; and Venari Offshore LLC, 10 percent.

ConocoPhillips is one of the largest leaseholders in the deepwater Gulf of
Mexico with approximately two million net acres. In 2013, the company plans to
drill between five and eight wells, including the Ardennes prospect, which
spud in early March 2013, and the Thorn well, scheduled to spud in the second
quarter of 2013. The Thorn well represents the company’s reentry into the
deepwater Gulf of Mexico as an operator.

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About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. 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


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
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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.


Davy Kong, 281-293-2701 (media)
Vladimir R. dela Cruz, 212-207-1996 (investors)
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