ConocoPhillips Announces Share Repurchase Program

ConocoPhillips (NYSE: COP) plans to repurchase up to $1 billion of the company's common stock over a period of up to two years. Consistent with previous guidance, the company will use the program as a means of offsetting dilution to existing shareholders from the company's stock-based compensation programs.

Acquisitions for the share repurchase program will be 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 plan will be held as treasury shares.

The company also declared a quarterly dividend of 50 cents per share. The dividend is payable March 1, 2005, to stockholders of record at the close of business Feb. 15, 2005.