ConocoPhillips Announces Second Oil Discovery in Deepwater Gulf of Mexico

  ConocoPhillips Announces Second Oil Discovery in Deepwater Gulf of Mexico

Business Wire

HOUSTON -- March 25, 2013

ConocoPhillips (NYSE: COP) today announced another oil discovery in the
deepwater Gulf of Mexico. The WR98-1 Coronado wildcat exploration well
encountered more than 400 feet of net pay. On March 19, 2013, ConocoPhillips
announced an oil discovery at the nearby WR51-2 Shenandoah appraisal well that
encountered more than 1,000 feet of net pay in high-quality Lower
Tertiary-aged reservoirs. ConocoPhillips holds a 30 percent working interest
in Shenandoah.

The Coronado 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; a subsidiary of Anadarko Petroleum
Corporation (NYSE: APC), 15 percent; and Venari Offshore LLC, 10 percent.

"The Coronado discovery adds to our exploration success in the prolific Lower
Tertiary Trend," said Larry Archibald, senior vice president, Exploration.
"The exciting results from the Coronado and Shenandoah discoveries confirm the
value of our portfolio in the Gulf of Mexico and provide visibility on our
future plans to grow through organic exploration."

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 earlier this quarter, and the Thorn well, scheduled to spud in the second
quarter of 2013.

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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.
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that the statements are not forward-looking. Where, in any forward-looking
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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.


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