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

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 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.

ConocoPhillips Competitive Integrated Energy Company - Operate in more than 40 countries 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 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 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 Return Peer Group Average = 4.1% COP STOCK PRICE January 1, 2004 $65.57 May 3, 2004 $73.90

Legacy 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 Oil Surmont Hamaca Leader in Heavy Oil to North America

Legacy Projects - Asia Pacific Oil Bohai BaySu Tu Den Operator, WI 49% Current 17 MBOED net Phase II first oil 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. Market East Venezuela LNGQatar LNGBrass LNG HOA signed 2003 WI 30% Giant North Dome field 1 BCFD gross sales volume Startup HOA signed 2003 WI 17% 2 Trains 680 MMCFD gross per train Startup Existing discovery WI 40% Appraisal drilling in 2004 Startup

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 Gas W. Natuna SeaS. Sumatra - CorridorBayu-Undan Operator, WI 56.7% 17 year LNG contract First LNG cargo MBOED net peak rate in 2009

2004 Drilling Program 48 Wells : 31 Wildcat & 17 Appraisal Wells (excludes Asset Exploration) DW GOM Venezuela West Africa Caspian Vietnam China North Sea Malaysia Indonesia Canada Foothills Alaska Mackenzie

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 Integration

Building Momentum Addressing future global energy concerns Capturing value through integration Developing legacy asset areas with project execution focus Financial discipline 15