ConocoPhillips Completes Sale of Syncrude Stake to Sinopec

HOUSTON, June 25, 2010 -- ConocoPhillips [NYSE:COP] announced today that it has completed the previously announced $4.65 billion sale of its 9.03 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC).  

"Completion of this transaction is an important step in our $10 billion divestiture program," said Jim Mulva, ConocoPhillips chairman and chief executive officer. "The sale of the Syncrude interest, an oil sands mining operation north of Fort McMurray, Alberta, Canada, is just one part of ConocoPhillips’ plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share." 

Credit Suisse acted as the sole financial advisor to ConocoPhillips while Osler, Hoskin and Harcourt acted as the Houston-based company’s legal counsel for this transaction.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $155 billion of assets and $179 billion of annualized revenues as of March 31, 2010. For more information, go to

- # # # -


Charlie Rowton (media) 281-293-2701

Clayton Reasor (investors) 


This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and the forward-looking statements speak only as of the date on which such statements are made.  You can identify forward-looking statements by words 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 references to future periods.

The company based the forward-looking statements on its current expectations, estimates and projections about itself and the industries in which it operates. The company cautions 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 whose outcomes the company cannot predict. In addition, the company based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual results, including project plans, costs, timing and capacities, capital and exploration expenditures, and share repurchase levels, could differ materially from those described in the forward-looking statements due to a variety of factors, including the following: (a) fluctuations in crude oil, natural gas and natural gas liquids prices, refining and marketing margins and margins for our chemicals business; (b) potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas development projects due to operating hazards, drilling risks and the inherent uncertainties in predicting oil and gas reserves and oil and gas reservoir performance; (c) unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; (d) failure of new products and services to achieve market acceptance; (e) unexpected changes in costs or technical requirements for constructing, modifying or operating facilities for exploration and production, manufacturing, refining or transportation projects; (f) unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including synthetic crude oil and chemicals products; (g) lack of, or disruptions in, adequate and reliable transportation for our crude oil, natural gas, natural gas liquids, LNG and refined products; (h) inability to timely obtain or maintain permits, including those necessary for construction of LNG terminals or regasification facilities, or refinery projects; comply with government regulations; or make capital expenditures required to maintain compliance; (i) failure to complete definitive agreements and feasibility studies for, and to timely complete construction of, announced and future exploration and production, LNG, refinery and transportation projects; (j) potential disruption or interruption of our operations due to accidents, extraordinary weather events, civil unrest, political events or terrorism; (k) international monetary conditions and exchange controls; (l) substantial investment or reduced demand for products as a result of existing or future environmental rules and regulations; (m) liability for remedial actions, including removal and reclamation obligations, under environmental regulations; (n) liability resulting from litigation; (o) general domestic and international economic and political developments, including armed hostilities; expropriation of assets; changes in governmental policies relating to crude oil, natural gas, natural gas liquids or refined product pricing, regulation or taxation; other political, economic or diplomatic developments; and international monetary fluctuations; (p) changes in tax and other laws, regulations (including alternative energy mandates), or royalty rules applicable to our business; (q) limited access to capital or significantly higher cost of capital related to uncertainty in the domestic or international financial markets; (r) delays in, or our inability to implement, our asset disposition plan; (s) inability to obtain economical financing for projects, construction or modification of facilities and general corporate purposes; and (t) the operation and financing of our midstream and chemicals joint ventures.

Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and regulatory factors affecting our business generally as set forth in Item 1A of the company’s 2009 Form 10-K. Unless legally required, the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.