ConocoPhillips Second-Quarter 2009 Interim Update

HOUSTON--(Business Wire)--
This update is intended to give an overview of market and operating conditions
experienced by ConocoPhillips (NYSE:COP) during the second quarter of 2009. The
market indicators and company estimates may differ considerably from the
company`s actual results scheduled to be reported on July 29, 2009.

Exploration and Production

The table below provides market price indicators for crude oil and natural gas.
The company`s actual crude oil and natural gas price realizations are likely to
vary from these market indicators due to quality and location differentials, as
well as the effect of pricing lags.

Market Indicators
2Q 2009 2Q 2008 2Q 2009 vs. 1Q 2009
2Q 2008
Dated Brent ($/BBL) $ 58.79 $ 121.38 $ (62.59 ) $ 44.40
WTI ($/BBL) 59.54 123.98 (64.44 ) 42.97
ANS USWC ($/BBL) 58.92 123.79 (64.87 ) 45.28
Henry Hub first of month ($/MMBTU) 3.51 10.94 (7.43 ) 4.91
Source: Platts

Total second-quarter production on a barrel-of-oil equivalent (BOE) per day
basis, including Syncrude and excluding LUKOIL, is anticipated to be
approximately 1.86 million BOE per day. Exploration expenses are expected to be
approximately $225 million before-tax for the quarter.

Refining and Marketing

The table below provides market indicators for regions where the company has
significant refining operations. The Weighted U.S. 3:2:1 margin is based on the
geographical location and capacity of ConocoPhillips` U.S. refineries. Realized
refining margins are likely to differ due to the company`s specific locations,
configurations, crude oil slates or operating conditions. ConocoPhillips`
refining configuration yields somewhat higher distillate and secondary product
volumes, and lower gasoline volumes than those implied by the market indicators
shown below.

Market Indicators ($/BBL)
2Q 2009 2Q 2008 2Q 2009 vs. 1Q 2009
2Q 2008
Refining Margins
East Coast WTI 3:2:1 $ 9.13 $ 10.93 $ (1.80 ) $ 10.43
Gulf Coast WTI 3:2:1 8.39 12.11 (3.72 ) 9.06
Mid-Continent WTI 3:2:1 9.16 13.47 (4.31 ) 9.62
West Coast ANS 3:2:1 15.11 21.91 (6.80 ) 15.79
Weighted U.S. 3:2:1 10.12 14.19 (4.07 ) 10.88
NW Europe Dated Brent 3:1:2 9.42 25.78 (16.36 ) 10.81
Singapore Dubai 3:1:2 7.88 29.35 (21.47 ) 9.45
WTI/Maya Differential 4.50 20.99 (16.49 ) 4.46
Source: Platts

Refining and Marketing results for the second quarter are expected to be
impacted by significantly compressed light-heavy crude differentials, low
worldwide distillate margins and the impact of inventory levels. The company`s
average worldwide crude oil refining capacity utilization rate for the second
quarter is anticipated to be in the upper-80-percent range. The domestic
utilization rate is expected to be in the low-90-percent range. The
international utilization rate is expected to be in the low-70-percent range,
reflecting turnaround activity in Europe and run cuts at the Wilhelmshaven,
Germany, refinery, due to market impacts. Second-quarter turnaround costs are
anticipated to be approximately $120 million before-tax.

LUKOIL Investment

The LUKOIL Investment segment results will include a $192 million after-tax
positive adjustment to align ConocoPhillips` first-quarter estimate to LUKOIL`s
first-quarter 2009 actual results reported in June.

Corporate and Other

The number of weighted-average diluted shares outstanding during the second
quarter is expected to be approximately 1,496 million.

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
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to be covered by
the safe harbors created thereby.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, crude oil and natural gas
prices; refining and marketing margins; potential failure to achieve, and
potential delays in achieving, expected reserves or production levels from
existing and future oil and gas development projects due to operating hazards,
drilling risks, and the inherent uncertainties in interpreting engineering data
relating to underground accumulations of oil and gas; unsuccessful exploratory
activities; potential disruption or unexpected technical difficulties in
developing new products and manufacturing processes; potential failure of new
products to achieve acceptance in the market; unexpected cost increases or
technical difficulties in constructing or modifying company manufacturing or
refining facilities; unexpected difficulties in manufacturing, transporting or
refining synthetic crude oil; international monetary conditions and exchange
controls; 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; 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.The statements in the interim update are based on
activity from operations for the first two months of the second quarter of 2009
and include estimated results for June and, as such, are preliminary and are
estimates.All of the forward-looking data is therefore subject to change.Actual
results, which will be reported in the company's earnings release for the second
quarter of 2009 on July 29, 2009, may differ materially from the estimates given
in this update.

ConocoPhillips
Anna Kaplan, 281-293-3992 (media)
Diana Santos, 281-293-1674 (investors)

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