ConocoPhillips Provides Further Details on Bohai Bay Funds

ConocoPhillips [NYSE:COP] today provided further details about the
compensation and environmental funds that have been established in
response to two separate accidents in Bohai Bay, China. The funds, first
announced in September, recognize the company′s responsibility for the
accidents and demonstrate its commitment to the people and government of
China.

'ConocoPhillips takes responsibility for the two incidents in June,?
said Jim Mulva, ConocoPhillips chairman and chief executive officer.
'These funds can help address the challenges of those who have been
affected and promote the environmental sustainability of Bohai Bay.?

Since ConocoPhillips announced the Bohai Bay Compensation Fund on
September 6 and an environmental fund on September 18, the company has
worked to design both funds to meet the long-term needs of communities
in the Bohai Bay region.

The Bohai Bay Compensation Fund will provide reasonable compensation for
any damages caused by the June 2011 accidents that occurred at the Peng
Lai 19-3 field in Bohai Bay. The fund will be independently administered
and will provide compensation to affected people, communities and
industries near Bohai Bay.

The separate environmental fund will support research, restoration and
other initiatives that enhance the marine environment and bring
long-term benefit to the bay environment and its nearby communities. The
environmental fund could support projects such as wetlands preservation,
water quality improvement, fishery resources, marine ecosystems and risk
management. ConocoPhillips is identifying leading independent experts
who will provide guidance for the selection process and subsequent
monitoring of the projects.

The Bohai Bay Compensation Fund and the environmental fund will function
in accordance with applicable laws and regulations of the People′s
Republic of China and international standards. Periodic updates on the
progress of the Bohai Bay Compensation Fund and environmental fund will
be provided.

For more on the incidents, response and clean up efforts, go to www.conocophillips.com.cn.

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OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

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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