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COP News ConocoPhillips Statement on Governor Schwarzenegger's Climate Change Announcement

HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE:COP): We commend the governor for continuing to build out California's plan to take action on the important issue of climate change.

We have not yet seen the full details but we understand that this latest element of the Governor's plan focuses on increasing the proportion of low carbon fuels in the transportation fuels pool. ConocoPhillips is supportive of and invests in technology development to produce and enable the use of low carbon fuels and recognizes that this is one component in a suite of actions necessary to reduce the concentration of CO2 in the atmosphere. Others include CO2 sequestration, energy efficiency and raised vehicle standards that achieve more miles per gallon.

We welcome the opportunity to work with the Governor and his team to achieve a practical implementation plan that leads to real savings of CO2 across the production and use life-cycle, supports equitable competition between fuel producers and avoids unnecessary erosion of economic value.

ConocoPhillips is an integrated petroleum company with interests around the world. 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 press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or 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. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.