Download.PDF

ConocoPhillips Australia’s President, Dan Clark, said that the Government’s announcement of caps to
domestic gas prices will not readily flow through to households and small manufacturers, and in fact have
the opposite effect by threatening future gas supply and driving up prices.

“The Government has missed the mark with this policy. It is unlikely to lower gas and energy bills for
households and manufacturers. This attack on the gas industry will actively discourage further investment
to find and develop additional sources of gas at a time when Australia is crying out for affordable and
reliable energy.

“The price-based intervention through the Emergency Price Cap Order and Mandatory Code of Conduct will
negatively impact Australia’s reputation as a stable, free market economy with regulatory certainty. It will
also undermine investor confidence in existing and potential new Australian developments.

“Such heavy-handed regulation rushed through with next to no consultation is not conducive for
investment in Australia, regardless of the industry. Capping the price at which a business can sell its product
or service, and having only two days to allow that business to consult on it, is not genuine consultation. This
is anti-business behaviour that significantly increases the risks of investing in Australia."