ConocoPhillips Announces 20 Percent Increase in Quarterly Dividend and Authorizes Additional $10 Billion Share Repurchase Program

HOUSTON, February 11, 2011 --- ConocoPhillips [NYSE:COP] today announced a quarterly dividend of 66 cents per share, payable March 1, 2011, to stockholders of record at the close of business on February 22, 2011. This represents a 20 percent increase in the dividend rate.

ConocoPhillips also announced a program to repurchase up to $10 billion of the company's common stock. This plan is in addition to the existing $5 billion program announced on March 24, 2010, under which the company has repurchased approximately $4 billion of its common stock.

Acquisitions for share repurchase programs will be made at management’s discretion at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Purchases may be increased, decreased or discontinued at any time without prior notice. Shares of stock repurchased under the plans are held as treasury shares.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,700 employees, $156 billion of assets and $189 billion of revenues as of December 31, 2010. For more information, go to www.conocophillips.com.

- # # # -


Nancy Turner (media) 281-293-1430

Clayton Reasor (investors) 212-207-1996