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ConocoPhillips Completes Sale of Kashagan Interest

  ConocoPhillips Completes Sale of Kashagan Interest

Business Wire

HOUSTON -- October 31, 2013

ConocoPhillips (NYSE: COP) today announced it has completed the transaction
with KazMunayGas (KMG) for the sale of its 8.4 percent interest in the North
Caspian Sea Production Sharing Agreement (Kashagan) for approximately $5.4
billion.

In July 2013, ConocoPhillips announced it had received notification from the
Kazakhstan Ministry of Oil and Gas (MOG) that it was exercising the right
under the Subsoil Law of Kazakhstan to pre-empt ConocoPhillips’ proposed sale
of its Kashagan interest to ONGC Videsh Limited. KMG was designated by the MOG
as the purchasing entity.

“This is a very important milestone for ConocoPhillips,” said Don Wallette,
executive vice president, Commercial, Business Development and Corporate
Planning. “Since becoming an independent E&P company in May 2012, we have made
significant progress on creating value for shareholders by divesting non-core
assets. We appreciate the cooperation of KazMunayGas in the successful
completion of this transaction.”

Proceeds from this transaction will be available for general corporate
purposes, including investments in the company’s organic growth programs.

                                --- # # # ---

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
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
Kris Sava, 281-293-1808 (media)
kris.sava@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com
 
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