ConocoPhillips to Repurchase $15 Billion in Shares

ConocoPhillips has approved the repurchase of up to $15 billion of the company's shares through the end of 2008. This amount includes $2 billion remaining under the $4 billion program previously announced on February 9, 2007. Based upon its current commodity price and operational outlook, ConocoPhillips expects third quarter 2007 purchases of $2 billion to $3 billion, and fourth quarter 2007 purchases of a similar range.

ConocoPhillips today also announced a quarterly dividend of 41 cents per share. The dividend is payable September 4, 2007, to stockholders of record at the close of business on July 31, 2007.

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.