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ConocoPhillips Withdraws Application for Compass Port LNG Project


WEBWIRE

June 9, 2006

HOUSTON, --- ConocoPhillips [NYSE:COP] today announced that it has withdrawn the application for a license under the federal Deepwater Port Act for its Compass Port liquefied natural gas (LNG) project that had been proposed for 11 miles off the Alabama coast.

“Over the past two years, ConocoPhillips has worked closely with the offices of Alabama Governor Bob Riley and Mississippi Governor Haley Barbour and several federal agencies to address the issues associated with the application of Open Loop Vaporization technology,” said Sig Cornelius, president of ConocoPhillips Global Gas. “It is clear that Governor Riley still has environmental concerns despite the independent scientific studies predicting minimal impact. Therefore, ConocoPhillips has elected to withdraw its deepwater port application. At Governor Riley’s request, ConocoPhillips will begin evaluating the economics of utilizing a Closed Loop warming system as an alternative to Open Loop vaporization. Compass Port remains an attractive location and the decision on whether or not to proceed with re-filing an application will be made after consideration of all the economic factors.”

ConocoPhillips will complete the current work program that it has been supporting since October 2004 with the Dauphin Island Sea Lab and the Mississippi Gulf Coast Research Lab to establish a comprehensive environmental baseline at the project site. The company will continue to pursue LNG supply options and explore other opportunities to site LNG facilities to meet growing needs for clean, abundant natural gas in the United States.

For more information, go to www.compassportcleanenergy.com.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.

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CONTACTS:
Bill Tanner (media) 281-293-2801, Gary Russell (investors) 212-207-1996


CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or 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. The forward-looking statements are based on management’s expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips’ business are generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.



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