1. John Lowe Executive Vice President, Planning & Strategic Transactions Meet Alaska Conference January 24, 2003 Meet Alaska Conference January 24, 2003

2. A New Integrated Major 2000 2001 2002 DEFS ARCO Alaska CPChem JV Gulf Canada TOSCO

3. Who We Are 58,000 employees and $77 billion of assets Diversified portfolio of legacy E&P assets based predominately in OECD nations Large presence in U.S. refining and marketing Joint Ventures in worldwide chemicals and North America midstream A- Credit Rating 58,000 employees and $77 billion of assets Diversified portfolio of legacy E&P assets based predominately in OECD nations Large presence in U.S. refining and marketing Joint Ventures in worldwide chemicals and North America midstream A- Credit Rating

4. What Do We Want To Look Like Increased portfolio of E&P legacy assets with improved returns Rationalized RM&T with higher returns Lower cost structure Reduced debt Increased portfolio of E&P legacy assets with improved returns Rationalized RM&T with higher returns Lower cost structure Reduced debt Higher overall company ROCE

5. Strategic Objectives 100% replacement plus Reserves 65% of portfolio Upstream assets +$1.25 billion/yr Synergies Low 30% Debt ratio 12-14% Mid-cycle* ROCE Target *Normalized assumptions: $20 WTI, $3.25 HH, $3.25 GC Crack

6. How Do We Get There Disciplined Approach Costs Capital Balance Sheet

7. Upstream Strategy Rationalize & high-grade portfolio Build new legacy positions through focused BD and exploration Profitably grow production and reserves Increase ROCE Rationalize & high-grade portfolio Build new legacy positions through focused BD and exploration Profitably grow production and reserves Increase ROCE

8. Portfolio Management Moderate Performing Businesses High Performing Businesses Lower Performing Businesses Major Project Investments Dispose Improve Performance Criteria High returns Strategic fit Growth potential Performance Criteria High returns Strategic fit Growth potential

9. Upstream Today Operating in 15 countries Exploring in 12 others Legacy Positions Production 1.6 MMBOED Production 65% Oil, 35% Gas Reserves 8.7 BBOE * U.S. reserves 42%, International 58% Year-end 2001 Pro Forma * Includes proven Canadian Syncrude reserves of 280 MMBOE

10. Alaska Production MMBOED UK / Norway Lower 48 Canada Alaska North America And Europe Legacy Businesses Strong foundation for worldwide growth Canada Lower 48 Europe

11. Production Growth 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2002*2003200420052006 MMBOED 0 100 200 300 400 500 600 MMBOE North America Europe Rest of World CAGR 3% * Adjusted for dispositions

12. Exploration Focus UK / Norway NW North America West Africa Venezuela Gulf of Mexico Asia Pacific Caspian Concentrating in 7 areas Rationalizing portfolio Further improve positioning New venture option

13. Downstream Strategy Operating reliability with low cost structure Rationalize assets Superior execution of clean fuels projects Capitalize on proprietary technology positions Improve ROCE Operating reliability with low cost structure Rationalize assets Superior execution of clean fuels projects Capitalize on proprietary technology positions Improve ROCE

14. Global Downstream Portfolio 17000 branded outlets $10.0 B capital employed 12 refineries – 2166 MBD United States 2900 outlets in 17 countries $1.5 B capital employed 6 refineries – 440 MBD International

15. Commercial Strategy Maximize value through supply chain Add value through trading around assets Disciplined processes Maximize value through supply chain Add value through trading around assets Disciplined processes

16. Commercial Business Scope Houston London Singapore Calgary Equity Liquids Production1.0 MMBD Equity Gas Production3.5 BCFD Crude Processed2.5 MMBD Light Oils Marketed2.4 MMBD NGL’s Marketed0.5 MMBD Employees550 The great scale of our Upstream and Downstream operations creates significant commercial opportunities

17. Our Strategy Enhance profitability and returns – Cost discipline / synergy capture – Capital discipline and portfolio rationalization Reduce debt Strengthen portfolio of upstream growth opportunities Significantly improve downstream returns Enhance profitability and returns – Cost discipline / synergy capture – Capital discipline and portfolio rationalization Reduce debt Strengthen portfolio of upstream growth opportunities Significantly improve downstream returns

19. The presentation at this meeting contained forward-looking statements about ConocoPhillips’ consolidated business and the following operating groups: petroleum exploration and production; natural gas gathering, processing and marketing; petroleum refining, marketing and transportation; and chemical and plastics manufacturing. Where, in any forward-looking statement, the company expressed an expectation or belief as to future results, such expectation or belief was expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that the statement of expectation or belief will result or be achieved. The actual results may be affected by a variety of risks which could cause the stated expectation or belief to differ materially. The important risk factors, but not necessarily all such factors that may cause expectations or results to differ, are set forth in ConocoPhillips’ reports filed with the U.S. Securities Exchange Commission. Cautionary Statement for the Purposes of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995