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ConocoPhillips To Establish Bohai Bay Fund

07.09.2011  |  Business Wire


ConocoPhillips (NYSE:COP) announced today that it will establish a fund
related to the incidents at the Peng Lai 19-3 field in Bohai Bay, China.
This fund will be designed to address ConocoPhillips′ responsibilities
in accordance with relevant laws of China and to benefit the general
environment in Bohai Bay.


'ConocoPhillips deeply regrets these incidents and apologizes for the
impact that the incidents have had on the Chinese people and the
environment,? said James J. Mulva, Chairman and Chief Executive Officer,
ConocoPhillips.


ConocoPhillips China will seek to work with the relevant Chinese
authorities and its co-venturer in the field, China National Offshore
Oil Corp., regarding the establishment and operation of the fund.


ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,900
employees, $160 billion of assets, and $244 billion of annualized
revenues as of June 30, 2011. For more information, go to www.conocophillips.com.

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OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the
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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
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and international economic and political conditions, as well as changes
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could cause actual results to differ materially from those described in
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as set forth in our filings with the Securities and Exchange Commission
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to update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.


ConocoPhillips

Aftab Ahmed, 281-293-4138 (media)

aftab.ahmed@conocophillips.com

Clayton
Reasor, 212-207-1996 (investors)

c.c.reasor@conocophillips.com