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Press release from Business Wire

ConocoPhillips Announces Name and Headquarters of Downstream Company

Thursday, November 10, 2011

ConocoPhillips Announces Name and Headquarters of Downstream Company14:15 EST Thursday, November 10, 2011 HOUSTON (Business Wire) -- ConocoPhillips [NYSE:COP] today announced that the new independent downstream company created through its previously announced strategic repositioning will be named Phillips 66 and will be headquartered in Houston. Phillips 66 will have leading businesses in refining, marketing, midstream and chemicals. “Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future,” said Greg Garland, designated chairman and chief executive officer of Phillips 66. “Our name reflects an independent spirit and drive – two attributes of our future company.” The specific location in Houston for the Phillips 66 headquarters will be announced at a later date. “Our decision to make Houston our global headquarters leverages the city's supportive business environment and strong economic climate,” Garland said. “Houston is a major energy center and Phillips 66 will benefit from its ability to attract the top business and technical talent in the field.” ConocoPhillips, which will be a pure-play exploration and production company after the repositioning, will continue to be headquartered in Houston at the existing ConocoPhillips facility. Both companies will maintain a significant presence in Oklahoma, where ConocoPhillips was founded, and support a large number of jobs in the state. Bartlesville will be the global center for the Phillips 66 technology organization as well as the transaction services organizations for both companies. The ConocoPhillips exploration and production technology organization will be based in Houston. The strategic repositioning of ConocoPhillips is expected to be completed in the second quarter of 2012. The company is making progress on the regulatory steps needed to complete the repositioning transaction. The preliminary Securities and Exchange Commission Form 10 will be filed the week of November 14. ConocoPhillips' repositioning is subject to market conditions, customary regulatory approvals, the receipt of an affirmative ruling from the U.S. Internal Revenue Service, the execution of separation and intercompany agreements and final board approval. For more information on ConocoPhillips' repositioning click here. ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,700 employees, $155 billion of assets, and $247 billion of annualized revenues as of September 30, 2011. 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 1995This press 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 and refining and marketing margins; 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 difficulties maintaining or improving company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; international monetary conditions; 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 (SEC). 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. ConocoPhillipsJohn Roper, 281-293-2073 (media)john.roper@conocophillips.comorClayton Reasor, 212-207-1996 (investors)c.c.reasor@conocophillips.com