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ConocoPhillips Submits Proposal to Advance the Development of the Alaska Gas Pipeline Project


WEBWIRE

ConocoPhillips [NYSE:COP] today announced that it has submitted a proposal to the governor of Alaska to advance the development of the Alaska Gas Pipeline Project. The proposed pipeline would transport approximately 4 billion cubic feet per day of natural gas from the Alaska North Slope to markets in Canada and the United States.

ConocoPhillips is prepared to make significant investments, without state matching funds, to advance this project as part of this proposal. The company already has efforts underway to begin new field data acquisition to support the pipeline permit applications.

“We desire to work directly and purposefully with the state of Alaska and the Legislature to advance this project as quickly as possible,” said Jim Mulva, chairman and chief executive officer of ConocoPhillips. “We also expect to approach other parties to explore ways through which their participation could add value to this effort.”

During the initial phase of the project, Bechtel Oil, Gas and Chemicals, Inc. will provide engineering and technical support and other related project services.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information and to see a copy of the complete proposal, go to www.conocophillips.com.

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CONTACTS:
Natalie Knox (Alaska media) 907-263-4153
Charlie Rowton (other 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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