Conocophillips and Bechtel Corp. Announces Heads of Agreement for Delayed Coking Collaboration

18 April 2005 Houston, TX

Conocophillips and Bechtel Corp. Announces Heads of Agreement for Delayed Coking Collaboration


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 towww.conocophillips.com.

Based in San Francisco, Bechtel is one of the world's premier engineering, construction and project management companies.

About Bechtel

Bechtel is one of the most respected global engineering, construction, and project management companies. Together with our customers, we deliver landmark projects that foster long-term progress and economic growth. Since 1898, we’ve completed more than 25,000 extraordinary projects across 160 countries on all seven continents. We operate through four global businesses: Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals. Our company and our culture are built on more than a century of leadership and a relentless adherence to our values, the core of which are safety, quality, ethics, and integrity. These values are what we believe, what we expect, what we deliver, and what we live.  www.bechtel.com