ConocoPhillips Offers Permian Basin Royalty Trust Units

ConocoPhillips on Monday announced an offering to the public of 8,365,862 of its units of beneficial interest in the Permian Basin Royalty Trust, pursuant to an effective registration statement on Form S-3 filed with the Securities Exchange Commission on June 20, 2006.

ConocoPhillips is the sole selling unitholder, and no units will be sold by the Trust. Additionally, ConocoPhillips has granted the underwriters a 30-day option to purchase up to 1,254,879 additional units to cover over-allotments, if any. The Trust will not receive any proceeds from this offering.

Lehman Brothers Inc. and Wachovia Capital Markets, LLC are acting as joint book-running managers of this offering. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the underwriters c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Ave., Edgewood, New York 11717, e-mail, fax 631-254-7268 or Wachovia Capital Markets, LLC at 375 Park Avenue, New York, NY 10152, e-mail