ConocoPhillips Announces Sale of Trinidad and Tobago Asset

  ConocoPhillips Announces Sale of Trinidad and Tobago Asset

Business Wire

HOUSTON -- August 16, 2013

ConocoPhillips (NYSE: COP) today announced that it has closed a transaction
with the National Gas Company of Trinidad and Tobago Limited (NGC) for the
sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a
total consideration of $600 million plus customary adjustments.

Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park
Gas Processors Limited (PPGPL). PPGPL operates a gas processing and natural
gas liquids fractionation facility located at Point Lisas, Trinidad.

“The sale of this noncore, midstream asset represents further progress in
strengthening and focusing the ConocoPhillips portfolio, and advances the
strategic interests of both NGC and ConocoPhillips,” said Don Wallette,
executive vice president, Commercial, Business Development and Corporate
Planning. “We appreciate the long and productive relationship we have had with

ConocoPhillips expects to recognize an after-tax gain of approximately $290
million for the sale.

Including this transaction, ConocoPhillips has announced expected proceeds of
approximately $14.1 billion from the sale of nonstrategic assets as part of
its 2012-13 asset disposition program. Through June 30, 2013, the company has
received $3.8 billion in proceeds from completed sales, with the remainder
expected by year-end 2013. These proceeds will be available for general
corporate purposes and allow the company to advance existing growth programs.

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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, $55 billion in
annualized revenue, $117 billion of total assets, and approximately 17,500
employees as of June 30, 2013. Production from continuing operations averaged
1,531 MBOED for the six months ended June 30, 2013, 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
as "anticipate," "estimate," "believe," "continue," "could," "intend," "may,"
"plan," "potential," "predict," "should," "will," "expect," "objective,"
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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.


Kris Sava (media), 281-293-1808
Vladimir R. dela Cruz (investors), 212-207-1996
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