ConocoPhillips and Archer Daniels Midland Company Announce Alliance to Develop Next-Generation Biofuels.

HOUSTON & DECATUR, Ill. -- ConocoPhillips (NYSE:COP) and Archer Daniels Midland Company (NYSE:ADM) today announced that they have agreed to collaborate on the development of renewable transportation fuels from biomass.

The alliance will research and seek to commercialize two components of a next-generation biofuel production process:

* The conversion of biomass from crops, wood or switchgrass into biocrude, a non-fossil substance that can be processed into fuel; and

* The refining of biocrude to produce transportation fuel.

"ConocoPhillips believes that the development of next-generation biofuels is a critical step in the diversification of our nation's energy sources," said Jim Mulva, chairman and chief executive officer, ConocoPhillips. "We are hopeful that this collaboration will provide innovative technology toward the large-scale production of biofuels that can be moved efficiently and affordably through existing infrastructure."

Patricia Woertz, chairman and chief executive officer, ADM, added, "As we advance our global bioenergy interests, this alliance with ConocoPhillips represents an important next step. Innovative collaboration like this will identify and bring to market feasible, economic and sustainable next-generation biofuels."

About ConocoPhillips

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, Texas, the company had approximately 37,900 employees, $171 billion of assets, and $177 billion of annualized revenues as of June 30, 2007. For more information, go to www.conocophillips.com.

About Archer Daniels Midland Company

Archer Daniels Midland Company (ADM) is the world leader in bioenergy and has a premier position in the agricultural processing value chain. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean and meal, corn sweeteners, flour and other value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 27,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2007 of $44 billion. Additional information can be found on ADM's Web site at http://www.admworld.com.

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 revenues, income, earnings and other financial items, plans and objectives for the future, future economic performance, or other projections or estimates about 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 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 the expectations, estimates and projections of Archer Daniels Midland Company and ConocoPhillips about their respective businesses and industries 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 Archer Daniels Midland Company and ConocoPhillips' business are generally as set forth in their filings with the Securities and Exchange Commission (SEC). Neither Archer Daniels Midland Company nor ConocoPhillips are under any obligation (and expressly disclaim any such obligation) to update or alter these forward-looking statements whether as a result of new information, future events or otherwise.