ConocoPhillips to Re-purchase up to $1 Billion in Company Stock

ConocoPhillips (NYSE: COP) began a stock repurchase program to repurchase up to $1 billion of the company's common stock over a period of up to two years. This plan is in addition to the prior two $1 billion programs announced on February 4, 2005 and August 11, 2005, under which the company has repurchased approximately $1,900 million of its common stock.

Acquisitions for the share repurchase program will be made at management's discretion at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Purchases may be increased, decreased or discontinued at any time without prior notice. Shares of stock repurchased under the plan will be held as treasury shares.