ConocoPhillips Announces Two Additional Discoveries in China's Bohai Bay.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--June 16, 2003

Phillips China Inc., a unit of ConocoPhillips (NYSE:COP), has made two additional exploration discoveries in its Bozhong 11/05 block in Bohai Bay, China.

ConocoPhillips drilled the PL 19-9-1 exploration well - located two miles east of the PL 19-3 field - in January 2003, and the well encountered 31 meters (102 feet) of net hydrocarbon pay in Lower Minghuazhen and Guantao Sandstone reservoirs. This discovery and the adjacent structures will be part of PL 19-3 Phase II development.

Drilling on the PL 13-1-1 exploration well, located 18 miles north of the PL 19-3 field, was completed in March 2003. The well encountered approximately 40 meters (132 feet) of net hydrocarbon pay in Lower Minghuazhen and Guantao Sandstone reservoirs. The company plans to drill additional wells to appraise the discovery and the structures in the same trend.

ConocoPhillips continues to have success with its Bohai Bay exploration program. These two wells bring the number of discoveries in Bozhong 11/05 to seven.

Phase I of the PL 19-3 development began production in December 2002, and the field is currently producing approximately 30,000 BOPD (gross). Phase I facilities include a 24-slot wellhead platform and a floating production, storage and offloading facility. Phase II development plans are under way and will incorporate knowledge gained from the Phase I drilling and production results.

ConocoPhillips and CNOOC signed a petroleum contract in December 1994 granting ConocoPhillips the right to explore Block 11/05, a 2.3 million-acre area located in Bohai Bay. ConocoPhillips is the operator of the block, with a 100 percent working interest in all fields discovered to date with the exception of PL 19-3 development, in which the company has a 49 percent interest. CNOOC elected to participate in the PL 19-3 Phase I development with a 51 percent working interest, and has the right to acquire up to a 51 percent working interest in any development in the Bozhong 11/05 block.

ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 56,600 employees and $80 billion of assets as of March 31, 2003. For more information, go to www.conocophillips.com.

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

Certain statements contained in this press release are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risk and uncertainty. The factors identified in this cautionary statement are important factors (but not necessarily all important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement. Factors which could cause the result to differ from those expected or believed to be achieved or accomplished are: approval of the PL 19-3 Phase II field development plan by the company's co-venturer and government of the People's Republic of China; availability of drilling rigs, equipment and specialized workers; and oil prices and reservoir performance. In any forward-looking statement in which the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. Additional information concerning factors that could cause actual results to differ materially are contained in the company's reports filed with the Securities and Exchange Commission (SEC). Copies of the company's filings with the SEC are available at http://www.conocophillips.com.