ConocoPhillips Sees 4Q Production at 1.83M boepd

This update is intended to give an overview of market and operating conditions experienced by ConocoPhillips during the fourth quarter of 2009. The market indicators and company estimates may differ considerably from the company's actual results scheduled to be reported on January 27, 2010.

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


4Q 2009

      4Q 2008      

4Q 2009 vs.
4Q 2008

      3Q 2009
      Dated Brent ($/BBL)       $74.56       $54.91       $19.65       $68.28
      WTI ($/BBL)       76.06       58.49       17.57       68.19
      ANS USWC ($/BBL)       75.80       56.06       19.74       69.13
      Henry Hub first of month ($/MMBTU)       4.16       6.95       (2.79)       3.39

Source: Platts

Total fourth-quarter production on a barrel-of-oil equivalent (BOE) per day basis, excluding LUKOIL, is anticipated to be approximately 1.83 million BOE per day. Full-year 2009 production is expected to be 1.85 million BOE per day, or more than 3 percent higher than full-year 2008. Exploration expenses are expected to be approximately $325 million before-tax for the quarter.