ConocoPhillips Increases Quarterly Dividend By 16%

The board of directors of ConocoPhillips (NYSE:COP) approved a 16 percent increase in the dividend rate for the company's common stock.

The new quarterly dividend rate will be 50 cents per share, or $2.00 annually, up from 43 cents per share or $1.72 annually. The dividend is payable Dec. 1, 2004, to stockholders of record at the close of business Oct. 29, 2004.

This action reflects the company's commitment to a competitive, disciplined dividend policy, as well as its improving financial condition and business outlook.