ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 Percent

ConocoPhillips [NYSE:COP] today announced preliminary 2011 organic net
proved reserve additions of 738 million barrels of oil equivalent (BOE).
This represents an expected organic reserve replacement ratio of 120
percent of 2011 production.

'Replacing our 2011 production with new reserves reflects the success of
our strategic focus on organic growth,? said Jim Mulva, chairman and
chief executive officer. 'We added reserves throughout our globally
diverse asset base, through focused investment on high-return
opportunities.?

Reserves were added across the portfolio, including at the company′s
Canadian oil sands properties at Christina Lake and Surmont; in
liquids-rich U.S. shale trends, such as Eagle Ford and Bakken; in the
North Sea, through expansion projects in the Ekofisk, Eldfisk and Clair
developments; and in Malaysia, with sanctioning of the Kebabangan
project and ongoing development of the Gumusut Field. Reserve additions
were also delivered across the company′s North American conventional
asset portfolio.

'With a substantial captured resource base providing significant
exploitation opportunities and continued execution of major projects
around the world, we remain committed to our goal to grow production and
reserves,? added Mulva.

Acquisitions and dispositions are expected to reduce reserves by 45
million BOE, primarily reflecting dilution of the company′s interest in
the Australia Pacific LNG project and sale of North American natural gas
assets. The total reserve replacement ratio is expected to be 112
percent of 2011 production. Production for the year is expected to be
617 million BOE, including fuel gas. ConocoPhillips expects to end 2011
with 8.4 billion BOE of proved reserves.

The company will provide final information related to its 2011 oil and
gas reserves and finding and development costs in its Annual Report on
Form 10-K, expected to be filed with the Securities and Exchange
Commission in late February.

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 Sept. 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.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as 'anticipate,'
'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,'
'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,'
'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,'
'target' and other similar words. However, the absence of these words
does not mean that the statements are not forward-looking. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and believed to have a reasonable basis. However, there can
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,
changes in commodity prices and refining and marketing margins; changes
in expected levels of oil and gas reserves or production; operating
hazards, drilling risks, unsuccessful exploratory activities;
difficulties in developing new products and manufacturing processes;
unexpected cost increases or difficulties maintaining or improving
company manufacturing or refining facilities; unexpected difficulties in
manufacturing, transporting or refining crude oil; international
monetary conditions; potential liability for remedial actions under
existing or future environmental regulations; potential liability
resulting from pending or future litigation; limited access to capital
or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and
general domestic and international economic and political conditions; as
well as changes in tax, environmental 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.

Organic reserve additions comprise net proved reserve additions
resulting from extensions and discoveries, improved recovery and
revisions, and exclude the impact of sales and acquisitions.

ConocoPhillips

Aftab Ahmed (media), 281-293-4138

aftab.ahmed@conocophillips.com

or

Clayton
Reasor (investors), 212-207-1996

c.c.reasor@conocophillips.com