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ENERGY INVESTMENTS for the FUTURE 2005 Annual Report CONTENTS

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ENERGY INVESTMENTS for the FUTURE 2005 Annual Report CONTENTS ENERGY INVESTMENTS FOR THE FUTURE 2005 Annual Report CONTENTS Financial Highlights 1 Worldwide Operations 2 Letter to Shareholders 4 Financial Review 8 Operating Review 10 Corporate Staffs 24 Financial and Operating Results 30 Directors and Officers 110 Glossary 112 Who We Are ConocoPhillips is an international, integrated energy company. It is the third-largest integrated energy company in the United States, based on market capitalization, and oil and gas proved reserves and production; and the second-largest refiner in the United States. Worldwide, of nongovernment- controlled companies, ConocoPhillips has the eighth-largest total of proved reserves and is the sixth-largest refiner. ConocoPhillips is known worldwide for its technological expertise in exploration and production, reservoir management and exploitation, 3-D seismic technology, high-grade petroleum coke upgrading and sulfur removal. Headquartered in Houston, Texas, ConocoPhillips operates in approximately 40 countries. The company has about 35,600 employees worldwide and assets of $107 billion. ConocoPhillips’ stock is listed on the New York Stock Exchange under the symbol “COP.” Our Businesses The company has four core activities worldwide: • Petroleum exploration and production. • Petroleum refining, marketing, supply and transportation. • Natural gas gathering, processing and marketing, including a 50 percent interest in Duke Energy Field Services, LLC. • Chemicals and plastics production and distribution through a 50 percent interest in Chevron Phillips Chemical Company LLC. In addition, the company is investing in several emerging businesses — technology solutions, gas-to-liquids, power generation and emerging technologies — that provide current and potential future growth opportunities. Our Theme: Energy Investments for the Future With a balanced, integrated portfolio, ConocoPhillips has tremendous potential to capitalize on near- and long-term investments in resource-rich projects around the world and is committed to being a part of the solution to the world’s energy needs. (On the cover, left to right) Announced in 2005, the company’s proposed 2006 acquisition of Burlington Resources will expand its presence in North America through high-quality, long-life reserves and assets, such as this drilling site in Western Canada. The Britannia field in the North Sea is an example of ConocoPhillips’ commitment to innovation and operational excellence as a means to organically improve productivity from existing assets. Strategic investments in the company’s refining business also have and will allow ConocoPhillips to enhance its capabilities and further strengthen its international position to complement facilities in Europe and the Asia Pacific region, like the Melaka refinery in Malaysia. Employees in all facets of company operations, such as these in Qatar, the United Kingdom and Indonesia, invest their collec- tive energy to provide sustainable value for the company and its shareholders both today and tomorrow. FINANCIAL HIGHLIGHTS Millions of Dollars Except as Indicated 2005 2004 % Change FINANCIAL Total revenues and other income $ 183,364 136,916 34 Income from continuing operations $ 13,640 8,107 68 Net income $ 13,529 8,129 66 Per share of common stock — diluted* Income from continuing operations $ 9.63 5.79 66 Net income $ 9.55 5.80 65 Net cash provided by operating activities $ 17,628 11,959 47 Capital expenditures and investments $ 11,620 9,496 22 Total assets $ 106,999 92,861 15 Total debt $ 12,516 15,002 (17) Minority interests $ 1,209 1,105 9 Common stockholders’ equity $ 52,731 42,723 23 Percent of total debt to capital** 19% 26 (27) Common stockholders’ equity per share (book value)* $ 38.27 30.75 24 Cash dividends per common share $ 1.18 0.90 31 Closing stock price per common share* $ 58.18 43.42 34 Common shares outstanding at year-end (in thousands)* 1,377,849 1,389,547 (1) Average common shares outstanding (in thousands)* Basic 1,393,371 1,381,568 1 Diluted 1,417,028 1,401,300 1 Employees at year-end (in thousands) 35.6 35.8 (1) *Per-share amounts and number of common shares outstanding in all periods reflect a two-for-one stock split effected as a 100 percent stock dividend on June 1, 2005. **Capital includes total debt, minority interests and stockholders’ equity. 2005 2004 % Change OPERATING* U.S. crude oil production (MBD) 353 349 1 Worldwide crude oil production (MBD) 907 905 — U.S. natural gas production (MMCFD) 1,381 1,388 (1) Worldwide natural gas production (MMCFD) 3,270 3,317 (1) Worldwide natural gas liquids production (MBD) 91 84 8 Worldwide Syncrude production (MBD) 19 21 (10) LUKOIL Investment net production (MBOED)** 246 40 515 Worldwide production (MBOED)*** 1,808 1,603 13 Natural gas liquids extracted — Midstream (MBD) 195 194 1 Refinery crude oil throughput (MBD) 2,420 2,455 (1) Refinery utilization rate (%) 93 94 (1) U.S. automotive gasoline sales (MBD) 1,374 1,356 1 U.S. distillates sales (MBD) 675 553 22 Worldwide petroleum products sales (MBD) 3,251 3,141 4 LUKOIL Investment refinery crude oil throughput (MBD)** 122 19 542 *Includes ConocoPhillips’ share of equity affiliates, except LUKOIL, unless otherwise indicated. **Represents ConocoPhillips’ net share of its estimate of LUKOIL’s production and processing. ***Includes Syncrude and ConocoPhillips’ estimated share of LUKOIL’s production. Certain disclosures in this Annual Report may be considered “forward-looking” statements. These are made pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The “Cautionary Statement” in Management’s Discussion and Analysis on page 57 should be read in conjunction with such statements. ConocoPhillips 2005 Annual Report 1 WORLDWIDE OPERATIONS At ConocoPhillips, our purpose is to use our pioneering spirit to responsibly deliver energy to the world. Exploration and Production (E&P) LUKOIL Investment Profile: Explores for and produces crude oil, natural gas and natural Profile: This segment consists of ConocoPhillips’ investment in the gas liquids (NGL) on a worldwide basis. Also mines oil sands to ordinary shares of LUKOIL, an international, integrated oil and gas upgrade to Syncrude. A key strategy is the development of legacy company headquartered in Russia. ConocoPhillips’ investment was assets — very large oil and gas developments that can provide strong 16.1 percent as of Dec. 31, 2005. financial returns over long periods of time — through exploration, exploitation, redevelopments and acquisitions. Operations: At year-end 2005, LUKOIL had exploration, production, refining and marketing operations in about 30 countries. Operations: At year-end 2005, E&P held a combined 41.2 million net developed and undeveloped acres in 23 countries and produced Midstream hydrocarbons in 13, with proved reserves in three additional Profile: Midstream consists of ConocoPhillips’ 50 percent interest in countries. Crude oil production in 2005 averaged 907,000 barrels per Duke Energy Field Services, LLC (DEFS), as well as certain day (BD), gas production averaged 3.3 billion cubic feet per day, and ConocoPhillips assets predominantly located in North America. natural gas liquids production averaged 91,000 BD. Key regional Midstream gathers natural gas, extracts and sells the NGL, and sells focus areas included the North Slope of Alaska; the Asia Pacific the remaining (residue) gas to electrical utilities, industrial users and region, including Australia, offshore China and the Timor Sea; gas marketing companies. Canada; the Caspian Sea; the Middle East; Nigeria; the North Sea; Russia; the Lower 48 United States, including the Gulf of Mexico; Operations: At year-end 2005, DEFS’ gathering and transmission and Venezuela. systems included nearly 56,000 miles of pipelines, mainly in six of the major U.S. gas regions. DEFS also owned or operated 54 NGL Refining and Marketing (R&M) extraction plants. Raw natural gas throughput averaged 5.9 billion Profile: Refines crude oil, and markets and transports petroleum cubic feet per day, and NGL extraction averaged 353,000 BD in products. ConocoPhillips is the second-largest refiner in the United 2005. In addition, ConocoPhillips owned or had an interest in four States and, of nongovernment-controlled companies, is the sixth- gas processing plants and four NGL fractionators at year-end 2005. largest refiner in the world. Chemicals Operations: Refining — At year-end 2005, R&M owned 12 U.S. Profile: ConocoPhillips participates in the chemicals sector through refineries, owned or had an interest in five European refineries, and its 50 percent ownership of Chevron Phillips Chemical Company had an interest in one refinery in Malaysia, totaling a combined net LLC (CPChem), a joint venture with Chevron. Major product lines crude oil refining capacity of 2.61 million barrels of oil per day. included: olefins and polyolefins, including ethylene, polyethylene, Marketing — At year-end 2005, gasoline and distillates were sold normal alpha olefins and plastic pipe; aromatics and styrenics, through approximately 13,600 branded outlets in the United States, including styrene, polystyrene, benzene, cyclohexane, paraxylene Europe and the Asia Pacific region. In the United States, products and K-Resin® styrene-butadiene copolymer; and specialty chemicals were marketed primarily under the Phillips 66, Conoco and 76 and proprietary plastics. brands. In Europe and the Asia Pacific region, the company marketed primarily under the JET and ProJET brands. The company Operations: At year-end 2005,
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