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ConocoPhillips Announces Production Startup and First Gas From the Jasmine Field

  ConocoPhillips Announces Production Startup and First Gas From the Jasmine
  Field

Business Wire

HOUSTON -- November 20, 2013

ConocoPhillips (NYSE: COP) today announced first gas production from the
Jasmine field in the United Kingdom, Central North Sea on Nov. 19.

“The startup of Jasmine represents another important milestone for
ConocoPhillips and builds upon the recent successful startup of Ekofisk South
in Norway and the Christina Lake Phase E oil sands project in Canada,” said
Matt Fox, executive vice president, Exploration and Production. “Jasmine is
one of several major growth projects that will contribute to ConocoPhillips’ 3
to 5 percent production growth rate through 2017.”

Jasmine was discovered in 2006 by ConocoPhillips as Operator (36.5%), together
with its co-venturers Eni (33%) and BG Group (30.5%), and is one of the U.K.’s
largest discoveries in the last 10 years. The Jasmine facility has the gross
capacity to produce 140,000 barrels of oil equivalent per day (BOED). In 2014,
ConocoPhillips expects net production to be approximately 40,000 BOED.

The triple-jacket Jasmine development comprises a 24-slot wellhead platform
with a bridge-linked accommodation and utilities platform, a six-mile 16-inch
multi-phase pipeline bundle and a riser and processing platform bridge-linked
to the existing Judy platform. The field is a high pressure, high temperature
gas-condensate reservoir, which is located in Blocks 30/6 and 30/07a of the
Central North Sea, approximately six miles (nine kilometers) west of the Judy
platform.

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 29 countries, $55 billion in
annualized revenue, $120 billion of total assets, and approximately 18,000
employees as of Sept. 30, 2013. Production from continuing operations averaged
1,511 MBOED for the nine months ended Sept. 30, 2013, and proved reserves were
8.6 billion BOE as of Dec. 31, 2012. For more information, go to
www.conocophillips.com.

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    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,"
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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
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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.

Contact:

ConocoPhillips
Daren Beaudo, 281-293-2073 (media)
daren.beaudo@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com
 
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