“Keeping Houston the Energy Capital of the World” June 15, 2004 Terry Lucht Manager, Drilling Engineering & Operations.

“Keeping Houston the Energy Capital of the

World”June 15, 2004

Terry LuchtManager, Drilling Engineering & Operations

Forward Looking Cautionary Statement Forward Looking Cautionary Statement

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

The following presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify our forward-looking statements by the words “expects,” “anticipates,” “intends,” “plans,” “projects,” “believes,” “estimates,” and similar expressions.

For risks related to these forward-looking statements, please review our SEC filings, including our recently filed Form 10-K for the year ending December 31, 2003.

ConocoPhillipsConocoPhillips

• Competitive Integrated Energy Company

- Operate in more than 40 countries

- 2003 Revenues of $105 B / Assets of $82 B

- Approximately 37,200 employees

• Diversified Integrated Portfolio of Legacy Assets

- E&P: 1.6 MM BOE/d produced / 8.1 B BOE reserves*

- R&M: 2.6 MM B/d refining capacity

- Joint Ventures in Chemicals and Midstream

• $50B market cap / “A-” credit rating

* Includes Syncrude

2003 Performance2003 Performance

• Solid operations

• Synergy capture

• ROCE improvement

• Portfolio optimization

• Enhanced opportunities

• Improved financial strength

Net Income

$4.735 B

Net Income

$4.735 B

Cash From Operations

$9.36 B

Cash From Operations

$9.36 B

Debt Balance

$17.8 B

Debt Balance

$17.8 B

First Quarter 2004 ProgressFirst Quarter 2004 Progress

Net Income

$1.616 B

Net Income

$1.616 B

Cash From Operations

$2.07 B

Cash From Operations

$2.07 B

Debt Balance

$17.1 B

Debt Balance

$17.1 B

High Refining Utilization

Improving Economy

Strong Production Volumes

Synergy Capture

YTD Total Shareholder ReturnYTD Total Shareholder ReturnJanuary 1, 2004 - May 3, 2004

1.7

8.8 7.28.9

(5.9)

13.4

1.0

COP BP CVX XOM TOT S&P RD

Peer Group ConocoPhillips S&P 500 Peer Average

Peer Group Average = 4.1%

COP STOCK PRICE

January 1, 2004 $65.57

May 3, 2004 $73.90

Legacy Asset DevelopmentLegacy Asset Development• Maintaining mature area production

- Alaska, Canada, Lower 48, Norway, UK

• Key growth areas- Venezuela - Timor Sea - Indonesia - Vietnam - China - Kazakhstan

- Qatar

• Operator, WI 75%

• First oil 2004

• World’s deepest TLP

• 55 MBOED net peak rate

Deepwater Projects

Magnolia

• Other projects & discoveries– Ursa / Princess – K2

• Leveraging skills in

West Africa & Asia Pacific

• WI 43%• First oil 2006• Production increasing to

50 MBOED net

• WI 40%

• Upgrader online 2004• Production increasing to

70 MBOED net

New Legacy Projects - Heavy OilSurmontHamaca

Leader in Heavy Oil to North America

Legacy Projects - Asia Pacific Oil

Bohai Bay Su Tu Den

• Operator, WI 49%• Current 17 MBOED net• Phase II first oil 2008• 80 MBOED net peak rate

in 2009

• WI 23.3%• First oil Oct 2003, ahead of

schedule• 20 MBOED net peak rate

in 2008

LNG Supply for U.S. MarketEast Venezuela LNGQatar LNG Brass LNG

• HOA signed 2003• WI 30%• Giant North Dome field • 1 BCFD gross sales

volume • Startup 2008-2009

• HOA signed 2003• WI 17%• 2 Trains • 680 MMCFD gross

per train• Startup 2008-2010

• Existing discovery • WI 40%• Appraisal drilling in 2004• Startup 2009-2011

IRAN

SAUDIARABIA

YEMEN

OMAN

QATAR LNG

TRINIDAD

PLATAFORMADELTANA

VENEZUELA

NIGERIA

BRASS LNG

LNG

COROCORO

Major Gas Supplier to Key Markets

• Operator, WI 40% • Long-term sales to

Singapore and Malaysia• 60 MBOED net peak

rate in 2007

• Operator, WI 54% • Substantial resource• 75 MBOED net peak

rate in 2009

Legacy Projects - Asia Pacific GasW. Natuna Sea S. Sumatra - CorridorBayu-Undan

• Operator, WI 56.7% • 17 year LNG contract• First LNG cargo 2006 • 90 MBOED net peak

rate in 2009

2004 Drilling Program

48 Wells : 31 Wildcat & 17 Appraisal Wells (excludes Asset Exploration)

DW DW GOMGOM

VenezuelaVenezuela West West AfricaAfrica

CaspianCaspian

VietnamVietnam

ChinaChina

North North SeaSea

MalaysiaMalaysia

IndonesiaIndonesia

Canada Canada FoothillsFoothills

AlaskaAlaskaMackenzieMackenzie

• Canada – US Midcontinent refining- Syncrude and Surmont production- Billings and Wood River refineries- Recent Hartford acquisition

• Venezuela – USGC refining- Petrozuata and Hamaca heavy

oil production- Lake Charles and Sweeny refineries- PDVSA joint ventures

Capturing Value of IntegrationCapturing Value of Integration

Building Momentum

• Addressing future global energy concerns

• Capturing value through integration

• Developing legacy asset areas with project execution focus

• Financial discipline

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