ConocoPhillips Closes BP Asset Swap

ConocoPhillips (NYSE: COP) today completed its previously announced sale
to BP of a ConocoPhillips subsidiary that holds a 16.5 percent interest
in the BP-operated Clair Field for an undisclosed price. ConocoPhillips
retains a 7.5 percent interest in the field.

ConocoPhillips also completed a simultaneous acquisition of BP’s 39.2
percent interest in the Greater Kuparuk Area in Alaska and 38 percent
interest in the Kuparuk Transportation Company for an undisclosed price.

Excluding customary adjustments, the transaction prices were cash
neutral to both companies.

In the first nine months of 2018, production associated with the
acquired 39.2 percent interest in Kuparuk was 39 thousand barrels of oil
equivalent per day (MBOED), and production from the divested 16.5
percent interest in Clair Field was 4 MBOED. The expected net
contribution to fourth-quarter production is less than 5 MBOED based on
the closing date of Dec. 18, 2018, and was not included in prior
fourth-quarter guidance. Incremental production and capital were
included in the 2019 guidance the company provided on Dec. 10, 2018.

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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, $71
billion of total assets, and approximately 11,100 employees as of Sept.
30, 2018. Production excluding Libya averaged 1,221 MBOED for the nine
months ended Sept. 30, 2018, and proved reserves were 5.0 billion BOE as
of Dec. 31, 2017. For more information, go to www.conocophillips.com.

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