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Opportunity Performance Value 2006 Annual Report Opportunity Performance Value 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 112 Glossary 114 Our Theme: Who We Are 2006 Annual Report Opportunity — A high-quality ConocoPhillips is an international, integrated energy Opportunity portfolio of existing assets, company. It is the third-largest integrated energy promising major projects under company in the United States, based on market development worldwide, and capitalization, and oil and natural gas proved reserves investment in numerous new and production; and the second-largest refiner in Performance emerging businesses ensures the United States. Worldwide, of non-government- an opportunity-rich future for controlled companies, ConocoPhillips is the sixth- ConocoPhillips. Renewable largest proved reserves holder and the fifth-largest diesel fuel represents one such refiner. Value opportunity. Garry Bush ConocoPhillips is known worldwide for its (featured in the top photo) technological expertise in exploration and production, works with a team at the company’s Bartlesville, Okla., reservoir management and exploitation, 3-D seismic research facility to further the production and marketing technology, high-grade petroleum coke upgrading of renewable fuels in the United States. The company’s and sulfur removal. renewable diesel fuel technology is already in use in Europe. Headquartered in Houston, Texas, ConocoPhillips operates in more than 40 countries. The company Performance — Strong, reliable operating performance, has 38,400 employees worldwide and assets of delivered in a safe and environmentally responsible $165 billion. ConocoPhillips’ stock is listed on the manner, is paramount to ConocoPhillips’ success. In New York Stock Exchange under the symbol “COP.” 2006, the company improved global crude oil and natural gas production, added reserves, increased crude oil refining Our Businesses capacity and advanced its major projects while completing The company has four core activities worldwide: a number of significant transactions on schedule. The • Petroleum exploration and production. acquisition of Burlington Resources (featured in the middle photo), made ConocoPhillips one of the largest • Petroleum refining, marketing, supply and natural gas producers in North America. transportation. • Natural gas gathering, processing and marketing, Value — ConocoPhillips is committed to delivering a including a 50 percent interest in DCP Midstream, LLC. strong total return to shareholders, a measure that • Chemicals and plastics production and distribution reached 26.5 percent in 2006 and was well above the through a 50 percent interest in Chevron Phillips industry average. The company is determined to remain Chemical Company LLC. competitive through strong, reliable operating performance, a well-executed investment plan, continued capital and In addition, the company is investing in several cost discipline, ongoing annual dividend increases, and emerging businesses — power generation; carbon-to- a robust share repurchase program. Margaree Everage liquids; technology solutions such as sulfur removal; (featured in the bottom photo), an operator at Wood River and alternative energy and programs, involving heavy refinery in Roxana, Ill., represents the 38,400 employees oils, biofuels and alternative energy sources — that working worldwide to consistently deliver top performance provide current and future growth opportunities. and value to shareholders. Financial Highlights Millions of Dollars Except as Indicated 2006 2005 % Change Financial Total revenues and other income $188,523 183,364 3% Income from continuing operations $ 15,550 13,640 14 Net income $ 15,550 13,529 15 Per share of common stock — diluted Income from continuing operations $9.66 9.63 — Net income $9.66 9.55 1 Net cash provided by operating activities $ 21,516 17,628 22 Capital expenditures and investments $ 15,596 11,620 34 Total assets $164,781 106,999 54 Total debt $ 27,134 12,516 117 Minority interests $ 1,202 1,209 (1) Common stockholders’ equity $ 82,646 52,731 57 Total debt to capital* 24% 19 26 Cash dividends per common share $1.44 1.18 22 Closing stock price per common share $ 71.95 58.18 24 Common shares outstanding at year-end (in thousands) 1,646,082 1,377,849 19 Average common shares outstanding (in thousands) Basic 1,585,982 1,393,371 14 Diluted 1,609,530 1,417,028 14 Employees at year-end (in thousands) 38.4 35.6 8 *Capital includes total debt, minority interests and common stockholders’ equity. 2006 2005 % Change Operating* U.S. crude oil production (MBD) 367 353 4% Worldwide crude oil production (MBD) 972 907 7 U.S. natural gas production (MMCFD) 2,173 1,381 57 Worldwide natural gas production (MMCFD) 4,970 3,270 52 Worldwide natural gas liquids production (MBD) 136 91 49 Worldwide Syncrude production (MBD) 21 19 11 LUKOIL Investment net production (MBOED)** 401 246 63 Worldwide production (MBOED)*** 2,358 1,808 30 Natural gas liquids extracted — Midstream (MBD) 209 195 7 Worldwide refinery crude oil throughput (MBD) 2,616 2,420 8 Worldwide refinery utilization rate 92% 93 (1) U.S. automotive gasoline sales (MBD) 1,336 1,374 (3) U.S. distillates sales (MBD) 655 675 (3) Worldwide petroleum products sales (MBD) 3,476 3,251 7 LUKOIL Investment refinery crude oil throughput (MBD)** 179 122 47 *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. Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The company uses certain terms in this Annual Report, such as “resources,” “recoverable resources,” “resource base,” and “recoverable bitumen,” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosures in the company’s 2006 Form 10-K, File No. 001-32395, available from the company at 600 N. Dairy Ashford, Houston, Texas 77079, and the company’s Web site at www.conocophillips.com/investor/sec.htm. The 2006 Form 10-K also can be obtained from the SEC by calling 1-800-SEC-0330. “ConocoPhillips,” “the company,” “we,” “us” and “our” are used interchangeably in this report to refer to the businesses of ConocoPhillips and its consolidated subsidiaries. ConocoPhillips 2006 Annual Report 1 Worldwide Operations As a global company that uses its pioneering spirit to responsibly deliver energy to the world, ConocoPhillips has assets and operations in more than 40 countries. Puerto Rico Netherlands Vietnam Norway Czech Republic Denmark South Korea Alaska NORTH Russia ASIA AMERICA Canada Ireland Kazakhstan EUROPE United States Azerbaijan China Libya MIDDLE EAST Algeria Egypt Trinidad AFRICA Mexico Nigeria Venezuela SOUTH Timor Peru Sea AMERICA United Malaysia Kingdom AUSTRALIA Argentina Ecuador Germany Qatar Singapore United Arab Belgium Saudi Arabia Emirates Indonesia Exploration Only * Retail Marketing is located in the Exploration and Production following countries: Austria, Belgium, Czech Republic, Denmark, Finland, Production Only Germany, Hungary, Luxembourg, Refining Malaysia, Norway, Poland, Slovakia, Midstream Sweden, Switzerland, Thailand, United Kingdom and the United States. Chemicals Retail Marketing* 2 Exploration and Production (E&P) Operations: At year-end 2006, LUKOIL had exploration, Profile: E&P explores for, produces and markets crude oil, natural production, refining and marketing operations in about 30 countries. gas and natural gas liquids (NGL) on a worldwide basis. It also ConocoPhillips’ estimated net share of LUKOIL’s production in mines deposits of oil sands in Canada to extract the bitumen and 2006 was 401,000 barrels of oil equivalent per day. upgrade it into a synthetic crude oil. A continued strategy is the ongoing development of legacy assets — very large oil and gas Midstream developments that can provide strong financial returns over long Profile: Midstream consists of ConocoPhillips’ 50 percent interest periods of time. in DCP Midstream, LLC, formerly Duke Energy Field Services, and certain ConocoPhillips assets predominantly located in the Operations: At year-end 2006, E&P held a combined 69.5 million United States. Midstream gathers natural gas, extracts and sells net developed and undeveloped acres in 23 countries and produced the NGL, and sells the remaining residue gas to electrical utilities, hydrocarbons in 18, with proved reserves in two additional industrial users and gas marketing companies. countries. Crude oil production in 2006 averaged 972,000 barrels per day (BD), gas production averaged 4.97 billion cubic feet Operations: At year-end 2006, DCP Midstream gathering and per day (BCFD),
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