ConocoPhillips Provides Update on Disposition Program and Recent Acreage Additions

April 2, 2018

HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today provided several updates on disposition
activity and early life-cycle acreage acquisition activities.

In the first quarter of 2018, the company closed or entered definitive
agreements for approximately $250 million of proceeds from the sale of
non-core assets. Several small packages in the Permian Basin closed
during the quarter. A package of largely undeveloped acreage in South
Texas is expected to close in the second quarter. Production impacts to
the company from these transactions are minimal. The company expects to
complete its previously announced disposition program in the second
quarter.

The company also announced that it has established or expanded positions
in two early life-cycle, liquids-rich unconventional plays in North
America. In February, the company announced that it had acquired
approximately 245 thousand net acres of early life-cycle unconventional
acreage in the Lower 48 for very low entry cost. The company today
identified that most of the acreage is in the Austin Chalk play in
central Louisiana. The company expects to drill several exploration
wells in the new position starting in 2018, which will be funded from
within the company’s announced exploration budget.

The company also announced it recently acquired about 35 thousand net
acres in the Montney play in Canada for approximately $120 million. This
additional acreage is adjacent to the company’s existing position in the
liquids-rich portion of the Montney. The company now holds approximately
140 thousand net acres in the liquids-rich Montney play, with appraisal
underway. Exploration and appraisal activity in the Montney will also be
funded within the existing exploration budget.

“We have been laser focused on strengthening our portfolio by divesting
non-core properties, while adding high-value resource opportunities for
future investment,” said Matt Fox, executive vice president, Strategy,
Exploration and Technology. “The acreage we’ve acquired in Louisiana and
the Montney has the potential to add to our low cost of supply resource
base without requiring significant near-term capital commitments. We
have been able to fund these acquisitions with proceeds from asset
dispositions, while reducing debt, accelerating share repurchases,
maintaining capital discipline and retaining cash on the balance sheet.
These actions are consistent with our clear strategic priorities, which
are designed to create value for our shareholders through cycles.”

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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 17 countries, $73
billion of total assets, and approximately 11,400 employees as of Dec.
31, 2017. Production excluding Libya averaged 1,356 MBOED in 2017, and
proved reserves were 5.0 billion BOE as of Dec. 31, 2017. For more
information, go to www.conocophillips.com.

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