Houston, TX, February 15, 2005 --(PR.com
[NYSE:COP] today announced that David L. Boren has elected to retire from the company’s board of directors. Boren has served on the board since 1994. His resignation is effective immediately.
“In order to focus my time and energy on my work at the University of Oklahoma and to spend more time with my family, I have decided to limit my outside activities,” said Boren. “Serving on the ConocoPhillips board has been an honor and a privilege. The company is not only strong financially, but it is also a good corporate citizen.”
“David has been a valued asset to ConocoPhillips for many years,” said Jim Mulva, chairman and chief executive officer. “David is a great American and a treasured friend whose counsel and judgment have been clear and consistent. His presence on our board will truly be missed.”
Other Board Changes
The company also announced that the board of directors has amended the by-laws to change the retirement policy for board members. The new policy, which became effective Feb. 4, 2005, allows board members to serve until the annual shareholders’ meeting after reaching age 72. The prior policy required retirement upon reaching age 70.
The amendment will affect four directors who would otherwise retire this year -- Norm Augustine and Larry Horner, standing for re-election at the May 2005 shareholders meeting, as well as Stapleton Roy and William Rhodes.
Frank McPherson will retire at this year’s shareholder’s meeting pursuant to the new policy.
ConocoPhillips is an integrated oil company with interests around the world. For more information, go to www.conocophillips.com.
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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.