Keeping Houston the Energy Capital of the World

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• Keeping Houston the Energy Capital of the World
• June 15, 2004

Terry LuchtManager, Drilling Engineering
Operations
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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.
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ConocoPhillips

• 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
• EP 1.6 MM BOE/d produced / 8.1 B BOE reserves
• RM 2.6 MM B/d refining capacity
• Joint Ventures in Chemicals and Midstream
• 50B market cap / A- credit rating

Includes Syncrude
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2003 Performance

• Solid operations
• Synergy capture
• ROCE improvement
• Portfolio optimization
• Enhanced opportunities
• Improved financial strength

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First Quarter 2004 Progress
Strong Production Volumes
High Refining Utilization
Improving Economy
Synergy Capture
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YTD Total Shareholder Return
COP STOCK PRICE January 1, 2004 65.57
May 3, 2004 73.90
Peer Group Average 4.1
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Legacy Asset Development

• Maintaining mature area production
• Alaska, Canada, Lower 48, Norway, UK
• Key growth areas
• Venezuela
• Timor Sea
• Indonesia
• Vietnam
• China
• Kazakhstan
• Qatar

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Deepwater Projects
Magnolia

• Other projects discoveries
• Ursa / Princess
• K2
• Leveraging skills inWest Africa Asia Pacific

• Operator, WI 75
• First oil 2004
• Worlds deepest TLP
• 55 MBOED net peak rate

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New Legacy Projects - Heavy Oil
Surmont
Hamaca

• WI 43
• First oil 2006
• Production increasing to 50 MBOED net

• WI 40
• Upgrader online 2004
• Production increasing to 70 MBOED net

Leader in Heavy Oil to North America
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Legacy Projects - Asia Pacific Oil
Bohai Bay
Su Tu Den

• WI 23.3
• First oil Oct 2003, ahead of schedule
• 20 MBOED net peak ratein 2008

• Operator, WI 49
• Current 17 MBOED net
• Phase II first oil 2008
• 80 MBOED net peak ratein 2009

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LNG Supply for U.S. Market
East Venezuela LNG
Qatar 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 grossper train
• Startup 2008-2010

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

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Legacy Projects - Asia Pacific Gas
W. Natuna Sea
S. Sumatra - Corridor
Bayu-Undan

• Operator, WI 40
• Long-term sales to Singapore and Malaysia
• 60 MBOED net peakrate in 2007

• Operator, WI 54
• Substantial resource
• 75 MBOED net peakrate in 2009

• Operator, WI 56.7
• 17 year LNG contract
• First LNG cargo 2006
• 90 MBOED net peakrate in 2009

Major Gas Supplier to Key Markets
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2004 Drilling Program
48 Wells 31 Wildcat 17 Appraisal Wells
(excludes Asset Exploration)
Alaska
Mackenzie
North Sea
Canada Foothills
Caspian
China
DW GOM
Vietnam
Malaysia
Venezuela
West Africa
Indonesia
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Capturing Value of Integration

• Canada US Midcontinent refining
• Syncrude and Surmont production
• Billings and Wood River refineries
• Recent Hartford acquisition
• Venezuela USGC refining
• Petrozuata and Hamaca heavyoil production
• Lake Charles and Sweeny refineries
• PDVSA joint ventures

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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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