International Arbitration Tribunal Rules ConocoPhillips is Owed $2.04 Billion in its Dispute with PDVSA

April 25, 2018

HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) announced today that it is owed $2.04 billion
from Petr├│leos de Venezuela, S.A. (PDVSA) and two of its subsidiaries as
a result of the decision of an international arbitration tribunal
constituted under the rules of the International Chamber of Commerce
(ICC). The ruling arises out of ConocoPhillipsÔÇÖ contracts with those
entities and is in response to the expropriation of ConocoPhillipsÔÇÖ
investments in the Hamaca and Petrozuata heavy crude oil projects in
Venezuela in 2007 and other pre-expropriation fiscal measures. PDVSA is
VenezuelaÔÇÖs state-owned oil company.

ÔÇ£We are pleased with the ICC tribunalÔÇÖs decision,ÔÇØ said Janet Langford
Carrig, senior vice president, Legal, general counsel and corporate
secretary of ConocoPhillips. ÔÇ£The ruling upholds the contractual
protections to which ConocoPhillips is entitled under the applicable
agreements and acknowledges PDVSAÔÇÖs independent contractual liability
arising from the government of VenezuelaÔÇÖs unlawful and uncompensated
expropriation of ConocoPhillipsÔÇÖ investments.ÔÇØ

The ICC arbitration award is final and binding upon the parties.
ConocoPhillips will pursue enforcement and seek financial recovery of
its award to the full extent of the law.

The ICC arbitration is a separate and independent legal action from
ConocoPhillipsÔÇÖ investment treaty arbitration against the government of
Venezuela, which is pending before a tribunal under the auspices of the
World Bank's International Centre for Settlement of Investment Disputes
(ICSID). The ICSID tribunal has ruled that VenezuelaÔÇÖs expropriation of
ConocoPhillipsÔÇÖ investments violated international law, and proceedings
are currently ongoing to determine the amount of compensation owed to
ConocoPhillips.

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About ConocoPhillips

ConocoPhillips is the worldÔÇÖs 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 thousand barrels of
oil equivalent per day in 2017, and proved reserves were 5.0 billion
barrels of oil equivalent as of Dec. 31, 2017. For more information, go
to www.conocophillips.com.

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