ConocoPhillips Delays Wilhelmshaven Upgrade Project

Business Wire

posted: 10 DAYS 9 HOURS AGO

Text SizeAAA

ConocoPhillips (NYSE:COP) announced today a delay in the planned upgrade of its 260,000 barrel-per-day Wilhelmshaven refinery in Germany. This action is consistent with the recent announcement that the company's capital budget for 2010 will be reduced from current levels to improve financial flexibility and better balance expenditures and resources.

“This is the right project for Wilhelmshaven but not now,” said Willie Chiang, senior vice president, Refining, Marketing & Transportation. “We will re-evaluate this investment opportunity as market conditions warrant.”

The project is intended to upgrade the Wilhelmshaven facility into a premier European refinery by significantly improving diesel output from the refinery while equipping it to process less expensive crude. Certain procurement and permitting activities currently in progress will be completed to allow a smooth restart of the project at the appropriate time.

ConocoPhillips is an international, integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,100 employees, $152 billion of assets, and $142 billion of annualized revenues as of September 30, 2009. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.