ConocoPhillips Highlights Solid Results and Raises Concerns Over Un-American Tax Proposals at Annual Meeting of Shareholders

11.05.2011  |  Business Wire

ConocoPhillips (NYSE:COP) is making significant progress on its plan to
deliver long-term value, the company said today at its Annual Meeting of
Shareholders. ConocoPhillips initiated its multi-year
returns-enhancement plan in 2010, designed to increase distributions to
shareholders, refocus the company′s portfolio and renew the company′s
commitment to strategic, financial and operational discipline.

'Our performance has delivered significant value to our shareholders,
and our 2010 total shareholder return of 39 percent was the highest
among our industry peer group,? said Jim Mulva, chairman and chief
executive officer. 'We have continued our commitment to increase
shareholder distributions in 2011, announcing a 20 percent increase in
the quarterly dividend rate and an additional $10 billion share
repurchase program.?

Over the next two years, ConocoPhillips plans to execute a $28 billion
capital program, almost 90 percent of which has been allocated to
Exploration and Production, supporting the company′s
greater-than-100-percent reserve replacement target. During this
timeframe, the company plans to sell an additional $5-10 billion of
non-core assets. ConocoPhillips continues to increase spending on
maintenance and safety.

Further expanding on the outlook for the company, Mulva expressed
concerns about the challenging political environment facing the energy
industry, in particular, the potential impacts of increased regulatory
burdens and proposed tax increases.

'These unprecedented proposed taxes, targeted at only five companies,
would have serious effects on our company. We already have the highest
effective tax rate among companies in the United States and these
proposals unfairly single us out for additional taxes,? said Mulva. 'Not
only would increased taxes cost jobs, raise consumer prices and shrink
government revenue, but they would also hamper our ability to remain
competitive and reinvest in jobs, new energy technologies and resources
in the United States and internationally.?

Mulva will testify in Washington, D.C. before the Senate Finance
Committee on May 12, 2011.

Final voting results will be reported on Form 8-K, which will be filed
with the Securities and Exchange Commission. These results and other
information, including presentation materials and a recorded webcast of
the meeting, will also be available at www.conocophillips.com/investor.

ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,600
employees, $160 billion of assets, and $226 billion of annualized
revenues as of March 31, 2011. 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 press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
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Forward-looking statements relate to future events and anticipated
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forward-looking statement, the company expresses an expectation or
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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 drilling
activities; lack of exploration success; 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; general domestic
and international economic and political conditions, as well as changes
in tax 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.