ConocoPhillips Reassessing How Best
To Advance Alaska Natural Gas Pipeline
HOUSTON, Feb. 14, 2008 --- ConocoPhillips [NYSE:COP] announced today that it is reassessing how best to advance the Alaska North Slope gas pipeline project as a result of the lack of engagement by the State of Alaska on the company’s proposal submitted Nov. 30, 2007. In its proposal to advance the gas pipeline project, ConocoPhillips addressed many of the State’s primary objectives specified in the Alaska Gasline Inducement Act. “ConocoPhillips remains dedicated to developing Alaska’s North Slope gas resources as we re-evaluate the best path forward for advancing this pipeline project,” said Jim Mulva, ConocoPhillips chairman and chief executive officer.
“Despite the lack of progress with the State of Alaska, as an initial step ConocoPhillips will continue its planning and contracting efforts in preparation for a route reconnaissance and environmental studies starting in June 2008,” said Jim Bowles, president of ConocoPhillips Alaska. “It is important that we take advantage of this summer field season and keep this project moving ahead.”
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
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Natalie Lowman (Alaska media) 907-263-4153
Bill Tanner (media) 281-293-2801
Gary Russell (investors) 212-207-1996
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