ConocoPhillips Updates Angola and Gulf of Mexico Drilling Results

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HOUSTON – ConocoPhillips (NYSE: COP) today announced the Omosi-1 deepwater exploration well in Block 37 offshore Angola in the Kwanza Basin has been drilled to a total depth of 20,666 feet.  A gas column of approximately 525 feet was encountered in the primary objective reservoir.  No further activity is planned.  The well has been plugged and abandoned.

In the deepwater Gulf of Mexico, the Harrier prospect in Mississippi Canyon Block 118 has been drilled to a total depth of 19,400 feet. No commercial hydrocarbons were encountered. The well will be plugged and abandoned. Stone Energy Offshore, L.L.C. was a non-operating co-owner in the Harrier prospect.

An after-tax charge relating to the two wells of approximately $142 million net to ConocoPhillips will be recorded to dry hole expense in the first quarter of 2015.

The total before-tax exploration expense for the quarter is estimated to be $482 million, which includes dry hole, leasehold impairment, G&A, and G&G expense.

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 About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $53 billion in annual revenue, $117 billion of total assets, and approximately 19,100 employees as of Dec. 31, 2014. Production from continuing operations, excluding Libya, averaged 1,532 MBOED in 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014. For more information, go to www.conocophillips.com.


Kris Sava (media)

Sidney J. Bassett (investors)

 Vladimir R. dela Cruz (investors)



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