ConocoPhillips and Bechtel Corp. Announce Heads of Agreement for Delayed Coking Collaboration
Houston, TX, April 18, 2005 --(PR.com)-- ConocoPhillips [NYSE:COP] and Bechtel Corp. today announced a Heads of Agreement (HOA) for a worldwide collaboration to facilitate the licensing and marketing of ConocoPhillips' proprietary ThruPlus® delayed coking technology.
Under the HOA, Bechtel will provide engineering services support for ConocoPhillips' ThruPlus Coking Process licensing and design initiatives as related to proposals, studies and process design packages. Bechtel will promote ConocoPhillips as the preferred provider of delayed coking technology with current and prospective clients. Likewise, ConocoPhillips will promote Bechtel as the preferred contractor for the engineering, procurement and construction of delayed cokers using the ThruPlus Coking Process. The HOA builds upon the significant commercial success achieved in recent years under the former Conoco-Bechtel Alliance. The terms of the HOA were not disclosed.
ConocoPhillips' ThruPlus Coking Process is an advanced thermal process for upgrading low-value, heavy hydrocarbon residues into high-value, light hydrocarbon liquids. Backed by more than 50 years of operating experience, this proprietary process provides safety and environmental advancements, and achieves higher unit throughput, superior liquid yields and improved unit reliability for both grassroots facilities and existing coking units.
ConocoPhillips extensive experience in delayed coking and technology licensing, combined with Bechtel's leadership in engineering and executing delayed coking projects, makes this a natural combination to provide optimized environmental, safety and efficiency benefits to the refining industry, both now and into the future.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
Based in San Francisco, Bechtel is one of the world's premier engineering, construction and project management companies. For more information, visit www.bechtel.com.
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Contacts:
Wendy Olson
http://wh.conocophillips.com/utilities/contactus.asp?cid=contacts5
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). ConocoPhillips is under 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.
Under the HOA, Bechtel will provide engineering services support for ConocoPhillips' ThruPlus Coking Process licensing and design initiatives as related to proposals, studies and process design packages. Bechtel will promote ConocoPhillips as the preferred provider of delayed coking technology with current and prospective clients. Likewise, ConocoPhillips will promote Bechtel as the preferred contractor for the engineering, procurement and construction of delayed cokers using the ThruPlus Coking Process. The HOA builds upon the significant commercial success achieved in recent years under the former Conoco-Bechtel Alliance. The terms of the HOA were not disclosed.
ConocoPhillips' ThruPlus Coking Process is an advanced thermal process for upgrading low-value, heavy hydrocarbon residues into high-value, light hydrocarbon liquids. Backed by more than 50 years of operating experience, this proprietary process provides safety and environmental advancements, and achieves higher unit throughput, superior liquid yields and improved unit reliability for both grassroots facilities and existing coking units.
ConocoPhillips extensive experience in delayed coking and technology licensing, combined with Bechtel's leadership in engineering and executing delayed coking projects, makes this a natural combination to provide optimized environmental, safety and efficiency benefits to the refining industry, both now and into the future.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
Based in San Francisco, Bechtel is one of the world's premier engineering, construction and project management companies. For more information, visit www.bechtel.com.
###
Contacts:
Wendy Olson
http://wh.conocophillips.com/utilities/contactus.asp?cid=contacts5
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). ConocoPhillips is under 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.