ConocoPhillips Announces Share Repurchase

ConocoPhillips on Friday announced plans to repurchase up to $1 billion of the company's common stock.

ConocoPhillips expects first quarter 2007 purchases to be approximately $750 million. Prior to the conclusion of the first quarter of 2007, the company anticipates announcing its expected total share repurchase plan for 2007.

Acquisitions for share repurchase programs are 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 plans are held as treasury shares.