HOUSTON, Nov. 25, 2005 --- ConocoPhillips [NYSE:COP] today announced it executed a definitive agreement with Louis Dreyfus Energy Holdings Limited for the cash purchase of both of the entities that own the Wilhelmshaven refinery in Wilhelmshaven, Germany, and UK-based Louis Dreyfus Refining and Marketing Limited.

The purchase includes the 275,000 barrels per day refinery, a marine terminal, rail and truck loading facilities and a tank farm, as well as Louis Dreyfus Refining and Marketing Limited, which provides commercial and administrative support to the refinery. The purchase is expected to be completed during the first half of 2006, subject to satisfaction of the conditions to closing, including obtaining the necessary governmental approvals and regulatory permits. Other terms and conditions of the sale were not disclosed by the parties.

The addition of the Wilhelmshaven refinery is consistent with ConocoPhillips’ strategy to increase shareholder value through investments in both domestic and international refining. The asset is expected to provide a foundation for strengthening the company’s ability to supply products to key export markets.

"This acquisition enables ConocoPhillips to apply its significant refining expertise to the strong asset and human resources already in place at Wilhelmshaven," said Jim Nokes, executive vice president refining, marketing, supply and transportation. "Our intention is to seriously consider adding significant deep conversion and power generation capabilities to the Wilhelmshaven plant. We will move swiftly to work with German authorities to seek the necessary support and permitting to enable such investment."

These additions would let the plant run a more advantaged crude slate, including Russian Export blends, while increasing overall conversion and reducing operating costs.

"Wilhelmshaven is expected to enable ConocoPhillips to enhance its strategic position in Europe, strengthen our global refining capabilities, generate significant synergies with existing refining and marketing operations and provide an outlet for Russian crude oil production," Nokes said.

The addition of the Wilhelmshaven refinery would increase ConocoPhillips’ overall European refining capacity by approximately 74 percent, from 372,000 barrels per day to 647,000 barrels per day.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to  www.conocophillips.com.

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This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements, such as "The purchase includes the 275,000 barrels per day refinery, a marine terminal, rail and truck loading facilities and a tank farm, as well as Louis Dreyfus Refining and Marketing Limited, which provides commercial and administrative support to the refinery"; "The purchase is expected to be completed during the first half of 2006, subject to satisfaction of the conditions to closing, including obtaining the necessary governmental approvals and regulatory permits."; "The addition of the Wilhelmshaven refinery is consistent with ConocoPhillips’ strategy to increase shareholder value through investments in both domestic and European refining."; "The asset is expected to provide a foundation for strengthening the company’s ability to supply products throughout Germany and Scandinavia and to other key export markets."; "This acquisition enables ConocoPhillips to apply its significant refining expertise to the strong asset and human resources already in place at Wilhelmshaven."; "Our intention is to seriously consider adding significant deep conversion and power generation capabilities to the Wilhelmshaven plant."; "We will move swiftly to work with German authorities to seek the necessary support and permitting to enable such investment."; "These additions would let the plant run a more advantaged crude slate, including Russian Export blends, while increasing overall conversion and reducing operating costs."; "Wilhelmshaven is expected to enable ConocoPhillips to enhance its strategic position in Europe, strengthen our global refining capabilities, generate significant synergies with existing refining and marketing operations and provide an outlet for Russian crude oil production," ; "The addition of the Wilhelmshaven refinery would increase ConocoPhillips’ overall European refining capacity by approximately 74 percent, from 372,000 barrels per day to 647,000 barrels per day" involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.