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ConocoPhillips announces first LNG shipment from Qatargas 3 project


WEBWIRE

HOUSTON - ConocoPhillips [NYSE: COP] announced today that the first cargo of liquefied natural gas (LNG) from the Qatargas 3 (QG3) joint venture was shipped on Nov. 25, 2010. The cargo departed from Ras Laffan Industrial City, Qatar, bound for the Canaport LNG Terminal in Saint John, New Brunswick, Canada.

"ConocoPhillips is proud of our participation in the QG3 project" said Jim Mulva, chairman and chief executive officer. "It increases our company’s global LNG output, while contributing to Qatar’s achievement of reaching total LNG production capacity of 77 million tonnes per annum. During the five years of development work that this massive project required, we have enjoyed the opportunity to establish close, collaborative relationships with Qatargas, Qatar Petroleum and the people of Qatar, and now look forward to seeing QG3 provide clean-burning natural gas to markets throughout the world"

The QG3 venture was formed in 2005 and is jointly owned by ConocoPhillips (30%), Qatar Petroleum (68.5%), and Mitsui (1.5%). The scope of the venture includes a fully integrated LNG project, inclusive of reservoir development, offshore wellhead production platforms and pipelines, an onshore liquefaction plant with associated common storage and loading facilities, as well as chartering of LNG ships to support approximately 7.8 million tonnes of annual LNG deliveries.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $155 billion of assets, and $184 billion of annualized revenues as of Sept. 30, 2010. For more information, go to www.conocophillips.com.

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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. 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, crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving, expected reserves or production levels from existing and future oil and gas development projects due to operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas; unsuccessful exploratory activities; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; international monetary conditions and exchange controls; 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 (SEC). 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.



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