ConocoPhillips and QatarEnergy Agree to Provide Reliable LNG Supply to Germany

Rhea-AI Summary

ConocoPhillips (NYSE: COP) has signed two long-term LNG supply agreements with QatarEnergy to deliver liquefied natural gas to Germany, with first deliveries expected in 2026. The agreements pertain to joint ventures involved in Qatar's North Field expansion projects. ConocoPhillips holds a 3.125% interest in the North Field East (NFE) project and a 6.25% interest in the North Field South (NFS) project. The deals aim to establish reliable LNG supplies to meet Germany's significant gas demand.

Positive

• Long-term LNG supply agreements with QatarEnergy to Germany enhance export potential.
• First deliveries expected in 2026 align with growing European energy needs.

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• None.

HOUSTON--(BUSINESS WIRE)-- ConocoPhillips (NYSE: COP) and QatarEnergy today announced the signing of two agreements to supply long-term liquefied natural gas (LNG) to Germany. The suppliers are joint venture companies established between ConocoPhillips and QatarEnergy to participate in the North Field East (NFE) and North Field South (NFS) projects, and the buyer is a wholly owned subsidiary of ConocoPhillips. First delivery is expected in 2026 to the recently announced German LNG Terminal at Brunsbüttel.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President and CEO of QatarEnergy, and Ryan Lance, chairman and chief executive officer of ConocoPhillips, signed the LNG sale and purchase agreements during a special ceremony held at QatarEnergy’s headquarters in Doha in the presence of senior executives from both companies.

“QatarEnergy and ConocoPhillips are excited for the opportunity to responsibly and securely supply world markets with LNG from the Qatari expansion projects,” said Ryan Lance. “These agreements will provide an attractive LNG offtake solution for our new joint ventures with QatarEnergy and position the joint ventures as reliable sources of LNG supply into Europe.”

“This is the culmination of efforts between two trusted partners, QatarEnergy and ConocoPhillips, over many years, to provide reliable and credible LNG supply solutions to customers across the globe, and today, to German end-consumers,” said His Excellency Minister Al-Kaabi. “Germany is the largest gas market in Europe, with significant demand in the industrial, power, and household sectors, and we are committed to contribute to the energy security of Germany and Europe at large.”

Through its joint ventures with QatarEnergy, ConocoPhillips holds a 3.125% interest in the NFE project and a 6.25% interest in the NFS project. The company has agreed to terminal services for a 15-year period at the German LNG Terminal.

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About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets and approximately 9,400 employees at September 30, 2022. Production averaged 1,731 MBOED for the nine months ended September 30, 2022, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

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Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Dennis Nuss (media)

281-293-1149

dennis.nuss@conocophillips.com

Investor Relations

281-293-5000

investor.relations@conocophillips.com

Source: ConocoPhillips

FAQ

What LNG agreements has ConocoPhillips recently signed?

ConocoPhillips signed two long-term LNG supply agreements with QatarEnergy to deliver liquefied natural gas to Germany.

When are the first LNG deliveries to Germany scheduled?

The first LNG deliveries to Germany are expected in 2026.

What are ConocoPhillips' interests in the Qatar LNG projects?

ConocoPhillips holds a 3.125% interest in the North Field East project and a 6.25% interest in the North Field South project.

Why are these agreements significant for ConocoPhillips?

These agreements position ConocoPhillips as a reliable LNG supplier to meet the significant gas demand in Germany and Europe.