HOUSTON, Feb. 16, 2010 -- ConocoPhillips [NYSE: COP] today announced that it will not be renewing its membership in the U.S. Climate Action Partnership (USCAP). This action enables the company to better focus its efforts on ensuring fair and equitable treatment of the transportation sector and its consumers and on expanding opportunities for greater near-term GHG reductions through increased use of natural gas.
"As an active member of USCAP, we owe a great deal of credit to our colleagues, both companies and non-government organizations alike," said Jim Mulva, ConocoPhillips chairman and chief executive officer. "USCAP’s diverse membership and high-level commitment have made it a true pioneer in the climate change debate, and we have highly valued our involvement."
"House climate legislation and Senate proposals to date have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalized versus international competition, and ignored the critical role that natural gas can play in reducing GHG emissions," Mulva continued. "We believe greater attention and resources need to be dedicated to reversing these missed opportunities, and our actions today are part of that effort. Addressing these issues will save thousands of American jobs, as well as create new ones."
ConocoPhillips is one of the nation’s largest producers of natural gas and refiners of transportation fuels, the latter already regulated under a federal GHG reduction regime through the Renewable Fuels Act of 2007 and the CAFE II motor vehicle fuel efficiency requirements of 2009. The company maintains a strong commitment to a federal legislative solution for mandatory reduction of GHG emissions and encourages Congress and the Administration to work together to that end.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009. For more information, go to www.conocophillips.com.
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