ConocoPhillips Announces Future Leadership

ConocoPhillips (NYSE:COP) announced that its board of directors has
chosen the leaders for the two independent energy companies that will
result from the previously announced strategic repositioning of
ConocoPhillips. Ryan M. Lance will become the chairman and chief
executive officer of ConocoPhillips, the upstream company, and Greg C.
Garland will become the chairman and chief executive officer of the
downstream company. Jim Mulva, the current chairman and chief executive
officer of ConocoPhillips will retire subsequent to completion of the
separation. The repositioning is expected to be completed in the second
quarter of 2012.

Lance is currently senior vice president, Exploration and Production,
International for ConocoPhillips. A petroleum engineer, he has over 26
years of oil and natural gas industry experience in senior management
and technical positions with ConocoPhillips, predecessor Phillips
Petroleum and various divisions of ARCO.

'I am honored to lead the highly skilled and dedicated people at
ConocoPhillips into the next chapter of its distinguished history as a
pure-play exploration and production company,? said Lance.
'ConocoPhillips will retain the size, scale and capability to pursue any
project globally, with the additional benefit of greater focus. With our
enhanced balance sheet and strong capabilities, we will pursue the goals
of the repositioning plan, including investing in good opportunities,
maintaining capital discipline, and continuing to return available cash
to shareholders.?

Garland is currently senior vice president, Exploration and Production,
Americas for ConocoPhillips. He began his career as a project engineer
with Phillips Petroleum and has been associated with ConocoPhillips, its
predecessors and affiliated companies for over 31 years. From 2008 to
2010, he was president and chief executive officer of Chevron Phillips
Chemical Company, the 50-50 joint venture of ConocoPhillips and Chevron.
ConocoPhillips′ interest in the joint venture will be transferred to the
downstream company following the separation.

'The repositioning will create a standalone company with a unique,
diverse and highly competitive portfolio of segment-leading businesses,?
said Garland. 'I look forward to the opportunity to drive superior
shareholder value in the downstream company by operating world-class
assets with ConocoPhillips′ philosophy of capital discipline and a
strong dividend policy.?

'The selection of Ryan and Greg as chairmen and CEOs following the
separation is great news for all ConocoPhillips stakeholders,? said
Mulva. 'Ryan and Greg are exceptionally well qualified to lead the
respective companies. I look forward to working with Ryan and Greg and
all our other colleagues in the months ahead to complete the separation
and to position both companies for success.?

Garland said, 'Jim Mulva's vision ?and ?leadership ?have ?built
the ?ConocoPhillips of today.' Lance added, 'Jim has been a mentor to
both Greg and me over the years. ?We ?now look forward to building on his
standard of excellence as we lead these two new independent companies.?

Both appointments will become effective at the completion of
ConocoPhillips′ repositioning transaction next year. Lance and Garland
will continue in senior management roles until that time, while also
directing transition plans, including appointment of their executive
management teams.

For more information, including biographical profiles and other
resources on ConocoPhillips′ repositioning, click
here.

The repositioning of ConocoPhillips into two independent companies is
subject to market conditions, customary regulatory approvals, the
receipt of an affirmative ruling from the U.S Internal Revenue Service,
the execution of separation and intercompany agreements, and final board
approval.

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.

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
Section 21E of the Securities Exchange Act of 1934, as amended, which
are intended to be covered by the safe harbors created thereby.
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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
projects due to operating hazards, drilling risks, and the inherent
uncertainties in interpreting engineering data relating to underground
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in tax and other laws applicable to our business. Other factors that
could cause actual results to differ materially from those described in
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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.

ConocoPhillips

Aftab Ahmed, 281-293-4138 (media)

aftab.ahmed@conocophillips.com

or

Clayton
Reasor, 212-207-1996 (investors)

c.c.reasor@conocophillips.com