ConocoPhillips Statement on House Passage Of American Clean Energy and Security Act of 2009

HOUSTON--(Business Wire)--
ConocoPhillips (NYSE: COP) is fully committed to the prompt enactment of
national legislation in the United States to address the growth of greenhouse
gas emissions while ensuring the availability of secure, affordable and reliable
energy. We commend the House of Representatives leadership and members for their
efforts to advance federal climate legislation. While the American Clean Energy
and Security Act (ACESA) contains many of the elements intended to balance
greenhouse gas emissions reduction with economic growth and national security
needs, we do not believe the bill passed June 26 achieves these aims.

We have concerns with a wide range of provisions in this lengthy and complex
legislation. However, our major issues at this time relate to the treatment of
the transportation sector within the allocation provisions of the bill.
Specifically we support the equitable treatment of transportation fuel consumers
relative to electricity and natural gas consumers, fair and adequate protection
for U.S. refining as an energy-intensive, trade-exposed industry and full
recognition of refinery complexity in the distribution of allowances among
refineries. We believe ACESA falls short of these goals.

Further, we recognize that the complex bill has both positive and negative
implications for the U.S. natural gas industry. We will continue to evaluate the
legislation in this light and will bring forward recommendations aimed at
ensuring that U.S. energy and climate legislation takes full advantage of the
environmental and energy security benefits of domestic natural gas production.

ConocoPhillips remains committed to continuing its constructive role in the
policy process aimed at advancing federal climate legislation.

ConocoPhillips is an integrated energy company with interests around the world.
For more information, go to www.conocophillips.com.

ConocoPhillips
Clayton Reasor, 281-293-2661 (investors)
or
Charlie Rowton, 281-293-2701 (media)

Copyright Business Wire 2009