ConocoPhillips and EnCana Complete Transaction
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HOUSTON, Jan. 3, 2007 --- ConocoPhillips [NYSE:COP] and EnCana Corporation [TSX/NYSE:ECA] today announced that they have closed their previously announced transaction to create an integrated North American oil business consisting of two 50/50 operating partnerships -- one Canadian upstream partnership and one U.S. downstream partnership.
The upstream partnership will consist of EnCana's Foster Creek and Christina Lake projects located in the prolific eastern flank of the Athabasca oilsands in northeast Alberta. The downstream partnership will consist of ConocoPhillips' Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively.
Previously released background information on this transaction is available at:
conocophillips.com/newsroom/news_releases/2006+News+Releases/100506.htm
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com
CONTACTS:
Bill Tanner (media),
281-293-2801
Gary Russell (investors),
212-207-1996
