ConocoPhillips Increases Quarterly Dividend By 24 Percent And Announces 2-for-1 Stock Split.

HOUSTON -- The board of directors of ConocoPhillips (NYSE:COP) today declared a quarterly dividend of 62 cents per share, payable June 1, 2005, to stockholders of record as of May 16, 2005. This represents a 24 percent increase in the dividend rate for the company's common stock over the previous quarter's rate of 50 cents per share.

In a separate action today, the board declared a 2-for-1 split on the common stock of ConocoPhillips in the form of a 100 percent stock dividend, payable June 1, 2005, to stockholders of record as of May 16, 2005.

These actions reflect the company's continuing commitment to a competitive dividend policy, taking account of its strong results from operations, its improved financial condition, and its rigorous approach to capital investment.

The quarterly dividend declared today applies to shares held on the record date before giving effect to the stock split. Applying the same rate on a post-split basis, the quarterly dividend rate would be 31 cents per share.

ConocoPhillips is an integrated petroleum company with interests around the world. 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

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.