ConocoPhillips Increases Quarterly Dividend by 14 Percent.

2007 share repurchase program increased to $4 billion

HOUSTON -- ConocoPhillips (NYSE:COP) today announced a quarterly dividend of 41 cents per share. The dividend is payable March 1, 2007, to stockholders of record at the close of business February 20, 2007. This represents a 14 percent increase in the dividend rate for the company's common stock over the previous quarter's rate of 36 cents per share.

ConocoPhillips also announced plans to repurchase up to a total of $4 billion of the company's common stock in 2007, including the $1 billion previously announced on January 12, 2007. ConocoPhillips expects first quarter 2007 purchases to be approximately $1 billion. The company anticipates communicating its plans for additional share repurchases in conjunction with the announcement of its 2008 capital program.

Acquisitions for share repurchase programs are made at management's discretion at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Purchases may be increased, decreased or discontinued at any time without prior notice. Shares of stock repurchased under the plans are held as treasury shares.

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.