ConocoPhillips Sells $2 Billion of U.S. Pipeline Assets

ConocoPhillips [NYSE:COP] announced today that as part of its ongoing
strategy to create shareholder value it has entered into agreements to
sell its interests in two U.S. pipeline companies for a total of $2
billion.

ConocoPhillips has entered into definitive agreements with a subsidiary
of Caisse de d?pôt et placement du Qu?bec ('CDPQ?) to sell its 16.55
percent interest in Colonial Pipeline Company and Colonial Ventures LLC
('Colonial?). The transaction is anticipated to close in the first
quarter of 2012 following the completion of contractual Rights of First
Refusal review by the existing shareholders in Colonial.

In addition, ConocoPhillips has entered into definitive agreements with
Enbridge Holdings (Seaway) L.L.C., a subsidiary of Enbridge (U.S.) Inc.,
to sell its ownership interest in the Seaway Crude Pipeline Company
(SCPC). The transaction is anticipated to close in December, subject to
satisfaction of customary conditions precedent and completion of certain
arrangements regarding other logistics services currently provided by
SCPC to ConocoPhillips.

'These two sales of non-core pipeline assets are important components of
our $15-20 billion divestiture program for the years 2010-2012. We are
pleased that CDPQ and Enbridge have recognized the value of these
quality assets,' said Al Hirshberg, senior vice president, Planning and
Strategy, ConocoPhillips. 'Through September 2011, ?the 2010-2012
divestiture program has yielded ?proceeds from asset dispositions of $8
billion. Once closed, these two ?transactions, along with other sales
already closed in the fourth quarter, would increase that total to
approximately ?$10.5 billion, and strongly position us to accomplish our
target by the end of 2012.?

The sale of the Colonial and Seaway interests is just one part of
ConocoPhillips′ plan to create value for shareholders through a
continued focus on disciplined capital investment, a strengthened
financial position, improved returns on capital, and growth in
shareholder distributions.

ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,700
employees, $155 billion of assets, and $247 billion of annualized
revenues as of September 30, 2011. For more information, go to www.conocophillips.com.

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ConocoPhillips

Aftab Ahmed, 281-293-4138 (media)

aftab.ahmed@conocophillips.com

or

Clayton
Reasor, 212-207-1996 (investors)

c.c.reasor@conocophillips.com