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 ConocoPhillips COP today announced it has signed a definitive 
 agreement with Cenovus CVE CVE to sell its 50 percent 
 nonoperated interest in the Foster Creek Christina Lake (FCCL) oil sands 
 partnership, as well as the majority of its western Canada Deep Basin 
 gas assets, for total proceeds of $13.3 billion. ConocoPhillips Canada 
 will retain its operated 50 percent interest in the Surmont oil sands 
 joint venture and its operated 100 percent Blueberry-Montney 
 unconventional acreage position.
 
 
 Total proceeds for the transaction are $13.3 billion before customary 
 adjustments, consisting of the following considerations:
 
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 $10.6 billion of cash, payable at closing; and
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 208 million Cenovus shares, valued at $2.7 billion on March 28, 2017.
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 In addition, the company will receive five years of uncapped contingent 
 payments, triggered when Western Canada Select (WCS) crude prices exceed 
 $52 Canadian dollars per barrel. Using March 28, 2017 foreign exchange 
 and differentials, WCS of CA$52 per barrel would equate to WTI of 
 approximately $52 per barrel.
 
 
 "This is a significant, win-win opportunity for ConocoPhillips and 
 Cenovus," said ConocoPhillips Chairman and Chief Executive Officer Ryan 
 Lance. "This transaction will make an immediate and significant impact 
 on the company's value proposition by allowing us to rapidly reduce debt 
 to $20 billion and double our share repurchase authorization to $6 
 billion. This means we will not only accelerate, but exceed, the 
 three-year plan we laid out in November 2016. The transaction is 
 accretive to our cash margins and lowers the average cost of supply of 
 our portfolio, with no impact to our estimate of cash provided by 
 operating activities at $50 per barrel Brent price. We will retain 
 upside to future oil price increases through our equity stake in Cenovus 
 and an uncapped, five-year contingent payment. ConocoPhillips Canada 
 will now focus exclusively on our Surmont oil sands and the liquids-rich 
 Blueberry-Montney unconventional asset. Cenovus will assume sole 
 ownership of FCCL and assume operations in the Deep Basin assets. This 
 is truly a transformational event for both companies."
 
 
 The company intends to use the cash portion of the transaction proceeds 
 to reduce debt to $20 billion in 2017 and increase the level and pace of 
 share repurchases. The ConocoPhillips board of directors approved an 
 increase in the existing share repurchase authorization to a total of $6 
 billion, which is double the previous $3 billion authorization. The 
 company also intends to triple its planned 2017 buybacks from $1 billion 
 to $3 billion, with the remaining $3 billion allocated to 2018 and 2019.
 
 
 The full-year 2017 estimated production associated with the assets being 
 sold is 280 thousand barrels of oil equivalent per day net after royalty 
 (NAR), comprised of approximately two-thirds liquids and one-third gas. 
 The full-year estimated 2017 production and operating expenses 
 associated with the assets being sold is $0.4 billion. The company's 
 previously stated estimate of cash provided by operating activities 
 (CFO) of $6.5 billion at $50 per barrel Brent is unchanged as CFO from 
 the disposition is roughly offset by lower interest expense. The company 
 does not expect any change to 2017 capital expenditures. Year-end 2016 
 reserves associated with the asset dispositions were 1.3 billion barrels 
 of oil equivalent NAR.
 
 
 "We laid out a bold and unique value proposition in late 2016 that was 
 focused on free cash flow generation, a strong balance sheet, returning 
 cash to shareholders, disciplined growth and improved returns," said 
 Lance. "Our stated plan was to accelerate our value proposition by 
 reducing debt with asset sales. Clearly, this transaction significantly 
 accelerates those efforts and provides an important catalyst that should 
 allow investors to have clarity and confidence in our future direction. 
 Today's announcement clears the way for us to execute a plan that we 
 believe will create long-term value and deliver double-digit returns to 
 shareholders annually."
 
 
 The disposed assets had a net book value of approximately $10.9 billion 
 as of Dec. 31, 2016. The transaction is subject to specific conditions 
 precedent being satisfied, including regulatory review and approval. The 
 company expects to record a gain on sale upon closing, which is expected 
 in the second quarter of 2017. Additionally, the company expects to 
 recognize a financial tax accounting benefit of approximately $1 billion 
 in the first quarter of 2017, which results from the capital gain 
 component of the transaction and recognition of previously unrealizable 
 tax basis. Tax expense associated with the sale will be recorded at the 
 time of closing.
 
 
 ConocoPhillips will host a webcast to discuss this announcement at 5:30 
 p.m. ET / 4:30 p.m. CT today. A link to the webcast is available at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.conocophillips.com%2Finvestor&amp;esheet=51533389&amp;newsitemid=20170329006154&amp;lan=en-US&amp;anchor=www.conocophillips.com%2Finvestor&amp;index=1&amp;md5=a951426edf513f19a814fb47837aa532" rel="nofollow" rel="nofollow">www.conocophillips.com/investor</a>. 
 Related materials will be posted on the company's website prior to the 
 call.
 
 
 --- # # # ---
 
 
 About ConocoPhillips
 
 
 ConocoPhillips is the world's largest independent E&amp;P company based on 
 production and proved reserves. Headquartered in Houston, Texas, 
 ConocoPhillips had operations and activities in 17 countries, $90 
 billion of total assets, and approximately 13,300 employees as of Dec. 
 31, 2016. Production excluding Libya averaged 1,567 MBOED in 2016, and 
 proved reserves were 6.4 billion BOE as of Dec. 31, 2016. For more 
 information, go to <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.conocophillips.com%2F&amp;esheet=51533389&amp;newsitemid=20170329006154&amp;lan=en-US&amp;anchor=www.conocophillips.com&amp;index=2&amp;md5=fc71a88a9c1b33841cb3e1dd8aea0484" rel="nofollow" rel="nofollow">www.conocophillips.com</a>.
 
 
 CAUTIONARY STATEMENT FOR THE PURPOSES OF THE 
 &#34;SAFE HARBOR&#34; 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 &#34;anticipate,&#34; 
 &#34;estimate,&#34; &#34;believe,&#34; &#34;continue,&#34; &#34;could,&#34; &#34;intend,&#34; &#34;may,&#34; &#34;plan,&#34; 
 &#34;potential,&#34; &#34;predict,&#34; &#34;should,&#34; &#34;will,&#34; &#34;expect,&#34; &#34;objective,&#34; 
 &#34;projection,&#34; &#34;forecast,&#34; &#34;goal,&#34; &#34;guidance,&#34; &#34;outlook,&#34; &#34;effort,&#34; 
 &#34;target&#34; 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 our 
 ability to complete our sale of certain of our assets in western Canada 
 (the "Sale Transaction") to Cenovus Energy Inc. (Cenovus) on the 
 timeline currently anticipated, if at all; the possibility that 
 regulatory approvals for the Sale Transaction will not be received on a 
 timely basis, if at all, or that such approvals may require modification 
 to the terms of the Sale Transaction or our remaining business; business 
 disruptions during or following the Sale Transaction, including the 
 diversion of management time and attention; our ability to liquidate the 
 Cenovus common stock received in the Sale Transaction at prices we deem 
 acceptable, or at all; the ability to deploy the net proceeds from the 
 Sale Transaction in the manner and timeframe we currently anticipate, if 
 at all; 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; 
 international monetary conditions; 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; 
 and 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. 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.
 
 
 Use of Non-GAAP Financial Information – To supplement the 
 presentation of the Company's financial results prepared in accordance 
 with U.S. generally accepted accounting principles (GAAP), this news 
 release contains certain financial measures that are not prepared in 
 accordance with GAAP, including cash margins and free cash flow. Cash 
 margins are calculated as cash provided by operating activities divided 
 by production. Free cash flow is cash provided by operating activities 
 in excess of capital expenditures and investments required to maintain 
 flat production, working capital changes associated with investing 
 activities, and dividends paid. Free cash flow is not a measure of cash 
 available for discretionary expenditures since the Company has certain 
 non-discretionary obligations such as debt service that are not deducted 
 from the measure.
 
 
 The Company believes that the non-GAAP measure cash margins is useful 
 to investors as it provides a measure to compare cash provided by 
 operating activities on a per unit of production. The Company believes 
 that the non-GAAP measure free cash flow is useful to investors as it 
 provides a measure to compare cash provided by operating activities 
 after deduction of capital expenditures and investments, working capital 
 changes associated with investing activities, and dividends paid across 
 periods on a consistent basis.
 
 
 The non-GAAP measures included in this news release have limitations 
 as an analytical tool and should not be considered in isolation or as a 
 substitute for an analysis of the Company's results calculated in 
 accordance with GAAP. In addition, because not all companies use 
 identical calculations, the Company's presentation of non-GAAP measures 
 in this news release may not be comparable to similarly titled measures 
 disclosed by other companies, including companies in our industry. The 
 Company may also change the calculation of any of the non-GAAP measures 
 included in this news release from time to time in light of its then 
 existing operations to include other adjustments that may impact its 
 operations.
 
 
 
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ConocoPhillips Announces Sale of Foster Creek Christina Lake Partnership Interest and Western Canada Deep Basin Gas Assets to Cenovus for $13.3 Billion; Significant Transaction Accelerates Value Proposition - Cenovus Energy (NYSE:CVE), ConocoPhillips (NYSE:COP)

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ConocoPhillips Announces Sale of Foster Creek Christina Lake Partnership Interest and Western Canada Deep Basin Gas Assets to Cenovus for $13.3 Billion; Significant Transaction Accelerates Value Proposition

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