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ConocoPhillips Cancels Wilhelmshaven Refinery Upgrade

HOUSTON, July 22, 2010 -- ConocoPhillips [NYSE:COP] announced today the cancelation of plans to upgrade the Wilhelmshaven refinery in Germany.

"This move is consistent with our stated strategy of maintaining capital discipline and reducing our downstream portfolio over time," said Willie Chiang, senior vice president of Refining, Marketing and Transportation. "We will also explore other options to improve shareholder value including operating the facility as a terminal and pursuing the sale of the asset."

Due to cancelation of the upgrade project, the company expects to recognize a non-cash asset impairment of approximately $1.1 billion after tax in its second quarter financial results.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $155 billion of assets and $179 billion of annualized revenues as of March 31, 2010. For more information, go to www.conocophillips.com. 

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