HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE:COP) today announced it has concluded its 2018
winter exploration and appraisal program in Alaska.

The company’s original plan was to drill five wells on the Western North
Slope comprising two appraisal wells of the Willow Discovery announced
in January 2017, plus three exploration wells. Due to improved drilling
efficiencies, the company was able to drill a total of six wells,
including an additional Willow appraisal well. All six wells plus a
sidetrack encountered oil and verified the potential of the play.

The three Willow appraisal wells support the previously announced
estimate of a recoverable resource potential of at least 300 million
barrels of oil.

The three exploration wells represent new discoveries for the company
and further extend the play concept across the Western North Slope.

As part of the exploration program, a total of five production flow
tests were conducted. Results from all five tests were encouraging.

The company will assess the extensive information and results from this
winter’s activities in anticipation of another active exploration and
appraisal season in 2019.

“The results of this year’s program are promising,” said Matt Fox,
executive vice president, Strategy, Exploration & Technology. “We are
excited about the opportunity to extend our legacy in Alaska where we
have a long track record of operational success and value creation.”

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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.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
"SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995

This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "believe," "continue," "could," "intend," "may," "plan,"
"potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort,"
"target" and other similar words. However, the absence of these words
does not mean that the statements are not forward-looking. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and believed to have a reasonable basis. However, there can
be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to changes
in commodity prices; changes in expected levels of oil and gas reserves
or production; operating hazards, drilling risks, unsuccessful
exploratory activities; difficulties in developing new products and
manufacturing processes; unexpected cost increases or technical
difficulties in constructing, maintaining, or modifying company
facilities; international monetary conditions and exchange rate
fluctuations; our ability to liquidate the common stock issued to us by
Cenovus Energy Inc at prices we deem acceptable, or at all; our ability
to complete the sale of our announced dispositions on the timeline
currently anticipated, if at all; the possibility that regulatory
approvals for our announced dispositions will not be received on a
timely basis, if at all, or that such approvals may require modification
to the terms of our announced dispositions or our remaining business;
business disruptions during or following our announced dispositions,
including the diversion of management time and attention; the ability to
deploy net proceeds from our announced dispositions in the manner and
timeframe we currently anticipate, if at all; potential liability for
remedial actions under existing or future environmental regulations;
potential liability resulting from pending or future litigation; limited
access to capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international financial
markets; and general domestic and international economic and political
conditions; as well as changes in tax, environmental and other laws
applicable to our business. Other factors that could cause actual
results to differ materially from those described in the forward-looking
statements include other economic, business, competitive and/or
regulatory factors affecting our business generally as set forth in our
filings with the Securities and Exchange Commission. Unless legally
required, ConocoPhillips undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Contacts

ConocoPhillips
Christina Kuhl, 281-293-4028 (media)
[email protected]
Daren
Beaudo, 281-293-2073 (media)
[email protected]
Natalie
Lowman, 907-263-4153 (Alaska media)
[email protected]
Andy
O’Brien, 281-293-5000 (investors)
[email protected]