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Press release from Business Wire

ConocoPhillips Announces Future Executive Appointments

Monday, November 21, 2011

ConocoPhillips Announces Future Executive Appointments13:00 EST Monday, November 21, 2011 HOUSTON (Business Wire) -- ConocoPhillips (NYSE:COP) today announced several future appointments to the executive management teams of the two leading energy companies that will be created when ConocoPhillips completes its strategic repositioning, expected in the second quarter of 2012. The new ConocoPhillips will be an independent, pure-play exploration and production company. Phillips 66, the independent downstream company, will have leading businesses in refining, marketing, midstream and chemicals. The designated chief executive officers for each company are creating new leadership teams to support the independent companies. Ryan Lance, designated chairman and chief executive officer of the future ConocoPhillips, has selected three members of his executive management team. Matt Fox will become executive vice president, exploration and production. Fox is a former president of ConocoPhillips Canada. He has held senior positions for ConocoPhillips in its Canadian Oil Sands, U.K., U.S. and Middle East divisions. Most recently, he was executive vice president, international, for Nexen Inc. Fox has a bachelor's degree in civil engineering, and a master's degree in petroleum engineering. Alan J. Hirshberg will become executive vice president, technology and projects. Hirshberg is currently senior vice president, planning and strategy, for ConocoPhillips. He has also held executive positions at ExxonMobil, overseeing production operations and major development projects in the U.S., Europe, Africa, and Central and Southeast Asia. He holds bachelor's and master's degrees in mechanical engineering. Don E. Wallette Jr. will become executive vice president, business development and commercial. Wallette is currently president, Asia Pacific, for ConocoPhillips. He has also held senior positions for ConocoPhillips in the U.S., U.K., Norway, Russia and Caspian divisions. Wallette has a bachelor's degree in chemical engineering. Fox will join ConocoPhillips in January 2012 and serve in an interim role, reporting to Lance, until the repositioning is complete. Hirshberg and Wallette will continue in their current positions until the transaction is finalized. Greg Garland, designated chairman and chief executive officer of Phillips 66, has named a member of his executive management team. Lawrence M. Ziemba will become executive vice president, refining with responsibility for major projects and procurement. Ziemba is currently president, global refining, for ConocoPhillips. He has served in a number of downstream and refining executive positions for ConocoPhillips, its predecessor Phillips, Tosco and Unocal. He has a bachelor's degree in mechanical engineering and a master's degree in business administration. Ziemba will continue in his current role until the repositioning is complete. Additional executive management positions for the two companies will be announced at a later date. As previously announced, ConocoPhillips Chairman and Chief Executive Officer Jim Mulva plans to retire once the repositioning is complete. Two other current executives plan to retire: E.L. (Gene) Batchelder, senior vice president and chief administrative officer. W.C.W. Chiang, senior vice president, refining, marketing, transportation and commercial. Batchelder and Chiang will remain in their current roles until the repositioning is complete. ConocoPhillips' repositioning into two independent companies 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. 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 Sept. 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. ConocoPhillipsAftab Ahmed, 281-293-4138 (media)aftab.ahmed@conocophillips.comorClayton Reasor, 212-207-1996 (investors)c.c.reasor@conocophillips.com