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 January 11, 2016 - 7:55 AM EST
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ConocoPhillips Exports First Cargo From Australia Pacific LNG

ConocoPhillips (NYSE:COP) today announced that the first cargo of liquefied natural gas (LNG) has departed from the Australia Pacific LNG (APLNG) facility on Curtis Island in Queensland, Australia.

“This is a significant milestone for our company and we are proud to have safely loaded the first cargo from APLNG,” said Ryan Lance, chairman and chief executive officer. “The project is expected to deliver long-term, stable production, which will sustain the company’s base production for more than 20 years.”

Construction of the APLNG facility began in 2011 and consists of two production units, each with the capacity to deliver 4.5 million tonnes per annum of LNG.

“Since the establishment of ConocoPhillips Australia East, our focus has been to establish a world-class operations team to safely start up and operate two LNG production units for decades to come,” said Warwick King, president, ConocoPhillips Australia East. “We would like to acknowledge the combined efforts of our APLNG joint-venture partners, Origin and Sinopec, for their ongoing support in reaching this major milestone.”

Construction on the second production unit is nearing completion, with expected first LNG in the second half of 2016. The project is expected to be self-funding once the second unit comes on line, which will further increase the company’s capital flexibility.

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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 25 countries, $31 billion in annualized revenue, $106 billion of total assets, and approximately 17,800 employees as of Sept. 30, 2015. Production, excluding Libya, averaged 1,586 MBOED for the nine months ended Sept. 30, 2015, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014. For more information, go to


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; 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. 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.

Kris Sava, 281-293-1808 (media)
Sidney J. Bassett, 281-293-5000 (investors)
Vladimir R. dela Cruz, 281-293-5000 (investors)

Source: Business Wire (January 11, 2016 - 7:55 AM EST)

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