ConocoPhillips Ups Quarterly Dividend

ConocoPhillips announced a quarterly dividend of 41 cents per share. The dividend is payable March 1, 2007, to stockholders of record at the close of business February 20, 2007. This represents a 14 percent increase in the dividend rate for the company's common stock over the previous quarter's rate of 36 cents per share.

ConocoPhillips also announced plans to repurchase up to a total of $4 billion of the company's common stock in 2007, including the $1 billion previously announced on January 12, 2007. ConocoPhillips expects first quarter 2007 purchases to be approximately $1 billion. The company anticipates communicating its plans for additional share repurchases in conjunction with the announcement of its 2008 capital program.

Acquisitions for share repurchase programs are 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 plans are held as treasury shares.