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Annual Result for ConocoPhillips Skandinavia AS

2016 was a challenging year for the oil industry in Norway and globally. We delivered an excellent HSE performance and satisfactory financial results under the circumstances. The operational efficiency was high in the Norway business unit, and we exceeded our production target,’ says Trond-Erik Johansen, President Europe and North Africa for ConocoPhillips.

Production

Net production in 2016 totaled 44.3 million barrels of oil equivalent. This corresponds to a daily average of 121,012 barrels of oil equivalent. This represents an increase of 1.8 percent compared to 2015, when average production was 118,900 barrels of oil equivalent per day.

Result

Total revenues in 2016 amounted to 14,842 million kroner. Income from operations was 1,444 million kroner, a decline of 3,033 million kroner compared with 2015. The decrease is mainly due to lower realized market prices, partly offset by the exchange rate movement and increased sales volumes. Income taxes totaled 620 million kroner in 2016, compared with 2,075 million kroner in 2015.

The years ahead

'ConocoPhillips has a long-term strategy in Norway - to be a key player on the Norwegian Continental Shelf in 2050. We were awarded six production licenses, three as operator in the APA 2016 licensing round. The awards prove our standing with the Norwegian authorities and our long-term perspective in Norway,’ says Trond-Erik Johansen.

Click here to see the key figures for 2016

“This release contains forward-looking statements. We based the forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange Commission, which may be accessed at the SEC’s website at www.sec.gov.”