ConocoPhillips Expands 2018 Share Repurchase Program from $2 Billion to $3 Billion; Increases Previously Announced Repurchase Authorization by $9 Billion to a Total of $15 Billion; Achieves Debt Target of $15 Billion Significantly Ahead of Plan

ConocoPhillips (NYSE: COP) today announced a 50 percent increase in its
planned 2018 share repurchase program, from $2 billion to $3 billion.
The company expects to fully fund this year’s $3 billion program, as
well as its dividend and capital expenditures, with cash from operations.

The 2018 expansion to $3 billion, combined with the $3 billion of shares
repurchased during 2016 and 2017, will fully utilize the board of
directors’ existing share repurchase authorization of $6 billion.

As a result, the ConocoPhillips board has authorized an additional $9
billion for share repurchases, bringing the total program authorization
to $15 billion.

The company initiated its current share repurchase program in late 2016.
Including shares already repurchased under this program, as well as
future repurchases based on the current share price, the $15 billion
authorization represents approximately 20 percent of the total shares
outstanding as of Sept. 30, 2016.

The company also announced that it paid down $2.1 billion of balance
sheet debt during the second quarter, thereby achieving its stated debt
target of $15 billion significantly earlier than the original target
date of year-end 2019.

“We believe the expansion and extension of our repurchase program should
be viewed as a clear signal that we are committed to delivering on our
strategic priorities and that we still see upside potential for our
shares,” said Ryan Lance, chairman and chief executive officer. “We have
now achieved our debt target well ahead of plan, so we intend to use
strong cash flows from the business to increase our return of capital to
shareholders, while maintaining capital discipline.”

Lance continued, “Since late 2016, we have built upon our unique
portfolio advantage and positioned the company for strong performance
through price cycles. We’ve lowered our sustaining price and the cost of
supply of our resource base, deleveraged the balance sheet, focused on
free cash flow generation, and maintained consistency in our approach to
distributions and capital spending. Today’s announcement is another
proof point that we remain committed to delivering per-share production
and cash flow expansion with compelling through-cycle returns to
shareholders.”

The board of directors retains discretion for implementing the
repurchase authorization. The level or pace of activity may be affected
by various factors, including future earnings, financial condition,
capital requirements, levels of indebtedness, credit ratings and other
considerations the board of directors deems relevant.

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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 11,200 employees as of March
31, 2018. Production excluding Libya averaged 1,224 MBOED for the three
months ended March 31, 2018, and proved reserves were 5.0 billion BOE as
of Dec. 31, 2017. 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 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 or technical
difficulties in constructing, maintaining, or modifying company
facilities; international monetary conditions and exchange rate
fluctuations; our ability to liquidate the common stock issued to us by
Cenovus Energy Inc at prices we deem acceptable, or at all; our ability
to complete the sale of our announced dispositions on the timeline
currently anticipated, if at all; the possibility that regulatory
approvals for our announced dispositions will not be received on a
timely basis, if at all, or that such approvals may require modification
to the terms of our announced dispositions or our remaining business;
business disruptions during or following our announced dispositions,
including the diversion of management time and attention; the ability to
deploy net proceeds from our announced dispositions in the manner and
timeframe we currently anticipate, if at all; 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.

Cautionary Note to U.S. Investors – The SEC permits oil and
gas companies, in their filings with the SEC, to disclose only proved,
probable and possible reserves. We use the term “resource” in this news
release that the SEC’s guidelines prohibit us from including in filings
with the SEC. U.S. investors are urged to consider closely the oil and
gas disclosures in our Form 10-K and other reports and filings with the
SEC. Copies are available from the SEC and from the ConocoPhillips
website.

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