ConocoPhillips And Archer Daniels Midland Company Announce Alliance to Develop Next-Generation Biofuels
HOUSTON & DECATUR, Ill.--(BUSINESS WIRE)-- 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 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.adm.com.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, 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.
Bill Tanner (media) 281-293-2801
Gary Russell (investors) 212-207-1996
Archer Daniels Midland Company
ADM Media Relations